Associated Estates Realty Corp., a real estate investment trust, has sold a 949-unit apartment community in Euclid, Ohio, as part of its strategy to reduce its Midwest exposure.
The value of the transaction was not disclosed.
The property, North Pointe, comprises two 22-story towers located on the shore of Lake Erie. Built in 1971, the asset was 89 percent occupied at the time of sale.
The seller plans to use the net sales proceeds to acquire another property in an undisclosed location, according to a press statement.
You have {{data.cm.viewsLeft}} articles left this month.
This content is available to Inman Select subscribers.
Please select an option below.
Please register to access this content.
To continue viewing the content you love, please sign in or create a new account
You have used all of your free pageviews.
Please subscribe to access more content.
Access denied!