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Wednesday, May 02, 2007

Mich. firm buys Westlake apartments ~ Article via Crain's Cleveland Business

By STAN BULLARD1:13 pm, May 2, 2007

Hayman Co., a Troy, Mich., real estate company, is the new owner of the Sturbridge Square apartments in Westlake, according to Holliday Fenoglio Fowler LP of Chicago, which represented the seller in the transaction.
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Cuyahoga County land records show Hayman paid $20.1 million for the 270-unit apartment complex on Detroit Road near Crocker Road. The complex is 97% occupied, Mathew Lawton, a Holliday Fenoglio senior managing director, said in a news release.

The prior owner paid $14.8 million for the complex in June 1999, according to land records.The seller was Sturbridge Square Apartments LLC, which was formed by UBS Global Asset Management of Hartford, Conn., which manages real estate investments for multiple clients, Holliday Fenoglio said.

Hayman owns and manages commercial properties for itself and for outside clients, according to its web site.

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