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CLEVELAND-Multifamily REIT Equity Residential has sold the Reserve Square mixed-use development here to K&D Group for $40 million, according to industry sources. The 3.5-acre development includes two 23-story high-rise towers holding 765 apartment units, 243,696 sf of office and retail space and an 898-space parking garage. County records show the property changing hands for $36 million, but an industry source familiar with the transaction tells GlobeSt.com the transaction actually totals $40 million when furniture, fixtures and equipment are included. The apartments are 85% rented and the office and retail space is between 60% and 70% leased, they say.Reserve Square occupies an entire city block in Downtown Cleveland’s Theater District. The site address is 1701 East 12th St. Access to the property is provided via the Tower City Center rapid transit system stop and Interstates 71, 77 and 90. The studio, one-, two- and three-bedroom residential units average 825 sf and feature views of the Cleveland skyline and Lake Erie. Building amenities include a rooftop sundeck, indoor pool, fitness center and 24-hour doorman.The transaction was brokered by Holliday Fenoglio Fowler LP. HFF senior managing director Matthew Lawton, managing director Jaime Fink and directors Marty O’Connell, Dave Nachison and Matthew Schoenfeldt had the disposition assignment. Fink declined comment on the details of the transaction and a representative of the buyer could not be reached Wednesday afternoon for comment.”This investment is a value-added opportunity because of historically strong demand for apartments in the area, the long-term institutional ownership and its proximity to the central business district,” says Fink in a prepared statement.

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