Prana Investments pays $8M to Philip Cowen for multifamily property in University Heights

Prana Investments through the entity 2523-2525 University Ave. LLC paid Philip Cowen’s Kentron Properties, LLC $8.2 million for 2523 University Avenue in University Heights. The deal closed on November 19, 2019, and was recorded on November 26, 2019. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 60 residential units. The property is 58,585 square feet. The parcel(s) have total development potential of 58,585 square feet.
The sale price per unit is $136,000.
The estimated cap rate is 3.0%
The last time the property sold was March 3, 2015, for $9,000,000.

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