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.

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