Ruth Gerstle Trust acquired five apartment properties, all within 10 minutes driving distance from one another for just short of $12.4 million. They are Karen Court, Patricia Court, Ridgeway Court, Landon Court and Marshall House Apartments. Together they contain 288 units, which puts the sale price at $42,882 per unit.
The seller is Atlantic Resources II LP. Ridge MacLaren, a senior investment associate with Marcus & Millichap, and Chris Cimino, an associate, were the sole brokers in the transaction.
Meanwhile, Ridge MacLaren also directed the sale of the 90-unit Willow Apartments property at 426 South Springfield Rd. in Clifton Heights. The complex is a group of nine garden-style apartment buildings around mini courtyards. Willows 2004 LP paid Omega Partners LP approximately $46,667 a unit for the complex, which also contains two small offices.
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