(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.
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