4/17/2008

Suburban Cleveland apartment complex hits the market for $21.8M

by Chad King

The Polo Club

The Polo Club, a 336-unit apartment community in Strongsville, Ohio, has been placed on the market with an asking price of $21.82 million, or $64,940 per unit.

Gary Cooper and Matthew Brown of Marcus & Millichap's Cleveland and Columbus offices are representing a Maryland-based private investor in the offering.

The Polo Club is located at 1440 Howe Rd. in Strongsville, a town about 22 miles south of Cleveland. It contains 310,648 square feet on 28 acres and has a unit mix of one-bedroom and two-bedroom units. The complex is being offered with a 7.25 capitalization rate.

Cooper recently arranged the $25.64 million sale of Richmond Heights, a 736-unit apartment community in Richmond Heights. Cooper represented both parties in the transaction.

Address: 1440 Howe Rd., Strongsville, Ohio

Size: 336 units

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Filed Under: Multi-Family

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