CINCINNATI—Marcus & Millichap has just completed the sale of Independence Oaks Apartments, a six-building 144-unit apartment complex in Independence, KY, a suburb of Cincinnati. The $13,750,000 sales price equates to $95,486-per-unit, which company officials say is the highest price per unit recorded for a suburban Cincinnati multifamily sale so far this year.

Nicholas Andrews, Joel Dumes and Stan Falk of Marcus & Millichap's Cincinnati office, represented both the buyer and the seller in the transaction.

“Independence Oaks is one of the nicest apartment communities to have been built in the Cincinnati MSA since the recession,” says Dumes. “The property's excellent location and phenomenal rate of lease-up since coming online made it a highly desirable acquisition target for a very hungry market.”

“We are very proud of the fact that we were able to generate the highest price per unit for a multifamily transaction recorded in suburban Cincinnati so far this year and one of the lowest cap rates of any apartment closing outside of downtown in recent years,” adds Andrews.

As reported in GlobeSt.com, Marcus & Millichap also notched the largest commercial real estate transaction recorded in Michigan so far this year. The firm helped complete the sale of the Grand Rapids 6 Apartment Portfolio, a 1,651-unit portfolio of six multifamily properties located in and around the city which sold for $102,150,000.

Located at 2050 Boxer Ln. the property sits between three wooded acres and several restaurants and retailers, including a Kroger supermarket. Built in 2012 on more than 13 acres, the development features 120 two-bedroom apartments and 24 three-bedroom units with fully furnished kitchens, electric appliances, high-speed fiber optics, large walk-in closets and a patio or balcony. Common area amenities include a clubhouse with pool, a fitness center, a basketball court and playground, a laundry room, lake and 24-hour maintenance.