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CREG Property VIII LLC Acquires Timber Creek Apartments In Niles For $11.5M

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SOLD
$11,500,000

Ohio

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MultiFamily
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SOLD

CREG Property VIII LLC Acquires Timber Creek Apartments In Niles For $11.5M

1223 North Road

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MultiFamily
Sold
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Summary

OHIO
Asset Type:MultiFamily
Transaction Type:Sale

The Timber Creek Apartments in Niles, located at 1223 North Road, were sold for $11,500,000. The transaction was facilitated by Friedman Real Estate, with Chris Weir, Peter Jankowski, and Rich Deptula representing both the buyer, CREG Property VIII LLC, and the seller, Orem Timber Creek II LLC.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $11,500,000
  • Address: 1223 North Road
  • Market: Niles, Ohio

Friedman Real Estate played a crucial role in the $11.5 million sale of the multifamily property. The deal involved key individuals from the firm, including Chris Weir, Peter Jankowski, and Rich Deptula, who represented both the buyer, CREG Property VIII LLC, and the seller, Orem Timber Creek II LLC.

Players

Peter Jankowski
7 deals$88.7M volume
BROKER

Rich Deptula
Friedman Real Estate
4 deals$71.2M volume(248) 324-2000
BROKER

Chris Weir
Friedman Real Estate
1 deal$11.5M volume(248) 324-2000
BROKER

Details

SOLD
IMAGE: 04/05/2024 ADDRESS: 1223 North Road MARKET: Niles, Ohio ASSET TYPE: Multifamily BUYER: CREG Property VIII LLC SELLER: Orem Timber Creek II LLC BROKERS: Chris Weir, Peter Jankowski & Rich Deptula - Friedman Real Estate SALE PRICE: $11,500,000 NOTE: Friedman Real Estate facilitated the $11.5 million sale of Timber Creek Apartments in Niles, situated at 1223 North Road, with Peter Jankowski, Rich Deptula, and Chris Weir representing both the buyer, CREG Property VIII LLC, and the seller, Orem Timber Creek II LLC.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$613,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$40,857.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$54,515.87
Annual Debt Service$654,190.40