Buckhurst Properties Acquires 241-Unit Multifamily Property In Sheffield Lake For $19.2M

The property involved in this transaction is a multifamily asset located at 5115 East Lake Road in Sheffield Lake, Ohio. The property has a total square footage of 266,787 and consists of 241 units situated on a 6-acre site. It was sold after four years of ownership by a private individual.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $19.2 million
• Address: 5115 East Lake Road
• Market: Sheffield Lake, OH
• Units: 241
• Acres: 6
• Buyer: Buckhurst Properties
• Broker: Berkadia

Buckhurst Properties' acquisition of The Perch on Lake marks their initial investment in the Cleveland metro area. Berkadia facilitated the transaction by arranging a Freddie Mac loan for the property.