In the first of more deals Reynolds Asset Management is seeking in Greater Cleveland, the New Jersey-based company acquired the Park Place Apartments on Brookpark Road in the city of Brook Park near Hopkins International Airport, (Reynolds). CLICK IMAGES TO ENLARGE THEM.
Brook Park apartments to be renovated
In a move that expands its portfolio westward into a new market, East Coast-based Reynolds Asset Management, with financing provided in partnership with Northwest Bank, announced it has closed on the acquisition of a 125-unit multifamily apartment complex in the Greater Cleveland area. It is Reynolds’ first real estate asset acquisition in the Midwest and the first of more deals it is seeking in the Cleveland-area market.
Located at 14011 Brook Park Rd., on six acres of land in suburban Brook Park near Cleveland Hopkins Airport, renovations at the 62,645-square-foot Park Place Apartments are slated to begin in the next 90 days and will add updated market-rate studio and one-bedroom residences to the city’s much-needed inventory upon completion by Summer 2024.
“We were attracted to the Greater Cleveland area by a number of factors, but mainly by its strong workforce job market which has shown resilience and stability, as well as the reliable incomes those jobs provide,” said Lou Reynolds, CEO of Reynolds Asset Management of Paramus, NJ. “The Greater Cleveland area has a reputation for hard-working people who appreciate quality, and we felt that there was an opportunity to be a part of that story and provide excellent housing options for the community. Brook Park is a perfect example of such a community, and we are proud to be a part of it.”
Located immediately east of Holy Cross Cemetery and conveniently set near the metro area’s international airport as well as major employers like the Ford Motor Co. and NASA Glenn Research Center, Park Place Apartments will offer residents the ease of suburban living while remaining near the hustle and bustle of a major metropolitan area. The units, which will vary in size, will be thoughtfully designed to meet the diverse needs of residents through flexible living spaces for individuals and small families.
“This milestone marks Reynolds’ first project of many in the midwestern market, an exciting development as we continue to grow our footprint,” Reynolds added. “Just as with our other properties along the East Coast, we’re excited to bring our team’s deep expertise and history of executing our value-add strategy to the table to create elevated living spaces for those who live and work in the Brook Park community, while actively pursuing more projects in the market.”
Park Place Apartments, 14011 Brookpark Rd., as seen from the street (Google).
“Reynolds offers unparalleled expertise and professionalism, proving they are the ideal company to take on the redevelopment of Park Place Apartments,” said Gary Cooper, senior vice president of Colliers, the brokerage firm representing both the buyer and seller in the transaction. He is a member of Collier’s Multifamily Advisory Group based in Cleveland “We believe this multi-family campus in Brook Park will not only enhance the housing options in the community but also contribute to the region’s overall economic growth and prosperity.”
Through an affiliate Park Place Apts Cleveland LLC, Reynolds acquired the property for $6.46 million from Stillwater Six LLC, according to Cuyahoga County property records. The acquisition was recorded on July 18 by the county. Stillwater Six owned the property since 2014 when it paid $1.35 million to acquire it. Park Place Apartments was originally built in 1955 and more than 50 percent of its units were renovated in 2016, according to a press release from Impact PR & Communications, Ltd.
“Our partnership with Reynolds shows their strong commitment to excellence and their clear vision for creating outstanding living environments,” said Abe Ibrahim, commercial banking executive at Northwest Bank in Warren, PA, the lenders involved in the acquisition. “We are confident this project will bring a great benefit to its residents and the greater community of Brook Park.”
Reynolds has developed, invested in and owns multi-family and townhouse residential properties as well as commercial projects in Eastern Seaboard states from Florida north to the New York metropolitan area. It also stabilizes existing apartment buildings through investment and repositioning of them in the market so the properties can be resold to investors for long-term cash flow.