Boston-Based Investor Buys 50-Unit Apartment Complex in Cleveland Heights
- Mar 22, 2015
Noble Summit Apartment Properties LLC is the new owner of the apartment complex at 2734 Noble Road in Cleveland Heights. The Boston-based company paid $1.3 million, or $26,600 per unit, to purchase the multi-family property in a transaction that closed earlier this year.
2734 Noble Road is a 50-unit apartment complex offering a mix of one- and two-bedroom apartments, and includes a 50-car garage, as well as outdoor parking. According to PropertyShark, the three-story building was constructed in 1949. Its current market value is a little over $1 million.
Alec Pacella, CCIM, managing partner of NAI Daus, represented the seller, Noble Summit I&II LLC, in the transaction, which closed on Jan. 30. In a news release, NAI Daus said that the apartment complex was on the market for only four months before being scooped up by its new Boston-based owner.
Together with the sale of 2734 Noble Road, NAI Daus announced the disposition of Abbe Road Self Storage, a 37,120-square-foot, 166-unit self-storage facility located at 5302 Evergreen Parkway in Sheffield Village. The commercial real estate company represented the seller, Balch Properties, in the transaction. Abbe Road Self Storage purchased the facility for $975,000.
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