(Read more on the multifamily market.)

BROOKLYN, OH-The K&D Group Inc. has purchased the 627-unit Westbrook Village apartments from Westbrook Partnership. The buy was a move to start a westward expansion of properties for the new owner, which manages about 29 apartment and condominium properties throughout Greater Cleveland.

Gary Cooper, a director in the Cleveland office of Marcus & Millichap’s National Multi Housing Group, says the sale price cannot be released. He tells GlobeSt.com that the property sold at a 7.5% cap rate and was listed at $24.4 million, “just shy of $39,000 per unit.”

The complex, at 4000 Westbrook Dr., has a 93% occupancy rate, Cooper says. Amenities include an outdoor swimming pool, a resident party room, individual garages and balconies. The rates run from $420 to $570 per month for the one- and two-bedroom apartments.

Cooper confirmed that the owners have been seeking a western move in an effort to diversify their portfolio. “The west area is the best growth market of Cleveland,” he says. Cooper was assisted on the deal by James Walsh, vice president of investments for Marcus & Millichap’s Chicago office.

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