80 units in Cuyahoga Falls' Brookledge Commons sold for $5.5 million

Eric Marotta
Akron Beacon Journal
Pictured is part of the 150-unit Brookledge Commons residential development off Buckingham Gate Boulevard.

CUYAHOGA FALLS — More than half of the 150-unit Brookledge Commons residential development has been sold for $5.5 million.

Fairlawn-based SVN Summit Commercial Real Estate Advisors announced Tuesday that 80 units in the development were sold to LWRJ, LLC. after a year-long process.

Located on either side of Buckingham Gate Boulevard between West Howe Road and the Brookledge Golf Club, the $5,554,000 sale was within 5% of the asking price, the company said.

"Anytime a condominium portfolio is purchased as a part of a larger community — in this case 80 units of the 150 total — it's complicated with aspects such as the homeowners association and various layers of financing, and in this case, more than one seller," said Nichole Booker, Ph.D.

Booker represented two entities that collectively owned the single-, and double-room units that she said are currently rental properties. She said the remaining 70 units in the complex include more than 50 owner occupied properties.

Though the new property owner controls more than 50% of the votes in the Brookledge Commons homeowners association, the association's bylaws require a 75% vote to make major changes to bylaws, she said.

"We worked through this process collaboratively and ended up with a very successful outcome for all parties involved," she said.

"We're thrilled to have the ability to meet the needs of our clients and to facilitate this complex transaction on behalf of their families," adds SVN managing director Jerry Fiume.

Eric Marotta an be reached at 330-541-9433, or emarotta@gannett.com. Follow him on Twitter @MarottaEric.