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RICHMOND HEIGHTS, OH-Though it was on sale for $28.6 million, Rocky River-based Niederst Management was able to score the 736-unit Richmond Park apartment community for only $25.6 million recently. The seller, a locally based investment group, released the 39-year-old property for about $34,838 per unit.

The 548,194-sf complex, at 444 Richmond Park E., consists of four six-story buildings and two parking garages on 36 acres. The property is next to Richmond Heights Community Park, and is close to the $100-million Richmond Town Square shopping mall and the Cuyahoga County Airport.

Inside, the facilities are made up of one-, two- and three-bedroom units. Amenities include an outdoor and indoor swimming pool, onsite laundry facilities, fitness centers, controlled access, elevators, and balconies and patios. The unit rents range from $560 to $945 per month.

Gary Cooper, a senior associate with Marcus & Millichap Real Estate Investment Services, says the complex was sold by the partnership that developed the property. “They’ve held it for so long, they just decided to liquidate and move investment into a different type of property,” Cooper tells GlobeSt.com. Cooper and Jim Walsh, VP of investments and senior director of the National Multi Housing Group, represented both parties in the transaction. Niederst owns 19 apartment communities in the northeast Ohio region.

Richmond Park is about 80% occupied, Cooper says. “It’s a value-added apartment community,” he says. “Niederst plans to throw a tremendous amount of capital at the property, including a significant upgrade in the kitchens and baths, in the attempt to revitalize the tenant base and dramatically increase the cash flow.” The investment exceeds $1 million, Cooper says. The property also includes three small commercial properties, which bring in about $50,000 in income per year.

He says the local multifamily market in Northeast Cleveland is very good, local occupancy in the mid-90s. “Concessions have just about disappeared. They’re predicting pretty reasonable rent growth, and for valuations to stay relatively stable.. It’s pretty good to be an apartment owner today,” Cooper says.

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