The two-story property, which stands at 4514 Cleveland Ave., has traded hands for $1.1 million. Constructed in 1970, it houses six one-bedroom apartments and three two-bedroom units.
Jim Hendershaw of ACI Commercial acted on behalf of the buyer in the recent transaction. The seller was represented by Chuck Weinberger of Award Commercial Properties, who tells GlobeSt.com that the acquisition has been financed with $675,000 in financing from World Savings and Loan.
Apartment assets continue to trade hands at a steady pace in the city, as the region still boasts one of the hottest multifamily markets in the country. Investors are attracted to this market because of its solid long-term fundamentals, such as a diverse job market and a burgeoning tenant base.
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