REBusinessOnline

HENDRICKS & PARTNERS BROKERS $19 MILLION MULTIFAMILY SALE

NORTH OLMSTED, OHIO — Phoenix-based Hendricks & Partners has brokered the sale of Madison at Butternut Ridge, a 261-unit apartment community located at 5800 Great Northern Blvd. in North Olmsted. Oak Brook, Ill.-based JVM Butternut Apartments purchased the community from Butternut Ridge Apartment Associates, c/o BPG Properties of Philadelphia, for $19 million. The community houses 102 one-bedroom/one-bath units; 119 two-bedroom/two-bath units; and 40 three-bedroom/two-bath units. Amenities at the property include a clubhouse with an on-site business center, an indoor fitness center, a swimming pool, a playground, garages and a car wash park. The purchaser, which assumed an existing Fannie Mae mortgage with a balance of $12.9 million at a 4.21 percent interest rate, plans to invest an additional $1 million in the property for exterior improvements. Rick Vidrio, Rick Brace and Cary Belovicz in the Detroit office of Hendricks & Partners represented the seller in the transaction.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter
Conferences


Webinars on Demand


Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties