(To read more on the multifamily market, click here.)

JUNO BEACH, FL-Universal Property Development and AcquisitionCorp., a Nevada-registered REIT with headquarters here, says in aprepared statement it has contracted to buy Ohio-based BratenahlExtension LLC, the owner of an 83-unit apartment property onLakeshore Boulevard in Cleveland.

Universal says Bratenahl Extension is being purchased fromBratenahl Estates Development LLC in a stock, cash and debtassumption deal valued at $1.5 million or about $18,072 perunit.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.