Q2 2012 Cleveland, Ohio Apartment Property Sales Analysis

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Q2 2012 Cleveland, Ohio Apartment Property Sales Analysis

Apartment sales were limited to one transaction in the second quarter, Reis reports. Monica Garden, with 108 units on O’Malley Drive, sold in the Parma/Independence submarket for $2.6 million ($24,519 per unit) in May. The seller was Rispo Investments Co. The buyer was SPP Properties LLC. The 12 month rolling cap rate ended the second quarter at 8.6%.