The buyer replaced an existing conduit loan with Low Income Housing Tax Credit Bond financing. The sale closed as a 1031 exchange, says Paul DeKruiff, a VP with NorthMarq's Chicago office. "The seller is divesting its real estate holdings and taking much more passive positions in real estate in different markets," DeKruiff tells GlobeSt.com. This was the only apartment building that Royal American owned, he says, but he would not comment on the company's other holdings.

The complex is about 15 minutes from Downtown Cleveland, and adjacent to Interstate 90. The apartments offer washer and dryer hookups, patios and balconies, and private entrances with yards in the garden- and townhome-style apartments. Rents range from $495 to $740 per month.

He says the Cleveland apartment market is doing very well within certain market types. "The C and B- properties are doing very well," DeKruiff says. "The rest, well, there's not a lot of A properties here, they just haven't been built. However, the local economy is showing signs of rejuvenation, and we're bullish on that market."