Ohio apartments undergo 1031 exchange

Marcus & Millichap negotiated the sale of the 324-unit Rockside Place Apartments in Garfield Heights, Ohio.

The value of the transaction was $10.3 million.

Rockside Place is located at 12315 Valley Lane. The property was constructed in 1970 and includes 206,610 rentable square feet. The unit mix is comprised of 150 one-bedroom and 174 two-bedroom units, which range in size from 492 to 835 square feet.

Occupancy was at 83 percent at the time of sale.

A private investor based in Ohio sold the property to Chicago-based Investment Property Exchange, which acquired the asset in a 1031 exchange.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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