Ohio investors trade apartments

Per-unit value below $35K

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Richmond Park, a 736-unit multifamily community in Richmond Heights, Ohio, has traded for $25.6 million between private investors in the Cleveland area. The sales price represents $34,838 per unit. Located at 444 Richmond Park East, the 548,194-square-foot property comprises four six-story buildings and two parking garages situated on a 36.4-acre lot. The community is located adjacent to the Richmond Heights Community Park, which provides residents with tennis courts, jogging trails, pavilions, and baseball and soccer fields. Richmond Park includes a mix of one-, two- and three-bedroom units. Amenities include an outdoor and indoor swimming pool, on-site laundry facilities, fitness centers, controlled access and elevators. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com. ...