Hayman Buys 270-Unit Sturbridge Square Apts

(Read more on the multifamily market.)

WESTLAKE, OH-The Hayman Co. has purchased the 270-unit Sturbridge Square Apartments from a client advised by Global Asset Management Global Real Estate – US. The property at 1500 Westford Circle, built in 1988, is 96% occupied.

Andrew Hayman, EVP, says he could not reveal the purchase price, but that the asking price was $23 million. He tells GlobeSt.com that the deal was great, much better than in other parts of the country where overpayment on deals is common. “This seemed like a market we could get a good yield going in,” Hayman says. “We also like the growth of Westlake, there’s a tremendous amount of commercial development going on, and high barriers to entry for multifamily developers.”

He says his company, based in Troy, MI, had property in Ohio years ago, but is now reentering the state. “We’re looking to expand farther into the Cleveland market if the opportunity presents,” Hayman says.

The complex is also across the street from the 2-year-old Crocker Park Mall. Rents at the property run from $745 to $849 per month. The HFF investment sales team was led by senior managing director Matthew Lawton and directors Marty O’Connell, Sean Fogarty and Dave Nachison, who marketed the property on behalf of the seller.