Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EUCLID, OH-As part of its exit from direct real estate holdings, the local Royal American Group has sold the 740-unit Willo Arms Apartments here for $24 million. The Carlyle Management Co., based in Cleveland, purchased the property with the assistance of Northmarq Capital Inc.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.