H&P BROKERS $14.22 MILLION APARTMENT PORTFOLIO SALE

CINCINNATI AND LOVELAND, OHIO — Hendricks & Partners (H&P) has brokered the sale of two Ohio multifamily properties for $14.22 million. Beechwood Villas, a 184-unit property located at 4706 Beechwood Rd. in Cincinnati, was sold for $10.1 million. MacArthur Park is an 85-unit property located at 660 Park Ave. in Loveland that sold for $4.12 million. Both of the properties provide Section 8 housing through HUD. Eric Taylor and Mark Rohr of H&P’s Detroit office represented the seller, Loveland-based Matrix Capital Partners. The properties were acquired by Knoxville, Tenn.-based Lawler-Wood Housing at a capitalization rate of 7.33 percent. The buyer plans to undertake a significant rehabilitation of the properties equating to more than $10,000 per unit.