SAR Apartment Capital Acquires 194 units in Cleveland, Ohio for $8.3M
Ballesteros, Jazayri, and Sanchez searched throughout the Midwest market for class C apartments that would have a high return and purchased Forest Creek and Sharon Wood.
SAR Apartment Capital LLC has acquired Sharon Wood and Forest Creek in Cleveland, Ohio for $8,342,000 at $43,000 a door. During the transaction, SAR Apartment Capital LLC joined forces with Gweyth and Mike at New Wave Capital, as the company has a Midwest presence and past operating experience in the area.
Conveniently on Schrock Rd. in the 43229 area, Sharon Woods is the perfect location close to various shopping centers, parks, and John Glenn Columbus International Airport. Built in 1974 there are 48 Units/ 3 Stories with amenities such as tennis courts, sundecks, and patios.
Forest Creek is located in Franklin County and is also close to various shopping centers, parks, and John Glenn Columbus International Airport. The apartment complex was built in 1971 consisting of 146 Units/ 2 Stories offering common- area amenities such as a pool, playground, and clubhouse.
After searching the Midwest market, the team found that the two apartment complexes to be well positioned for a value-add program including washer and dryer in the units, pool, gyms, and playgrounds for children. SAR's mission is to bring the Class C blue collar working class apartment buildings to meet today's standard that new construction buildings have. Their mission is to bring value through amenities and renovations to this sector. SAR's partnered with Sun Dance Property Management, a local and knowledgeable management team, that also understands their vision to increase the quality of life in Class C apartment complexes while also creating high profit returns to their investors.