The new Park Lamont apartments are a short walk or bike ride to school or work in booming University Circle. This property and also-new Lumos apartments were owned by their developer and, now completed, were sold to a new landlord (Reynolds Asset Management). CLICK IMAGES TO ENLARGE THEM.
Lumos, Park Lamont were completed in 2024
In a $30.6M deal, a national real estate investment firm added 119 newly constructed apartments in Cleveland’s Hough neighborhood to its growing portfolio. New Jersey-based Reynolds Asset Management acquired Park Lamont, 9606 Lamont Ave., and The Lumos, 1866 E. 93rd St. Both are located a short walk or bike ride from jobs and classrooms in booming University Circle.
Reynolds completed the transaction in partnership with The Slabotsky Family Office, marking its third joint venture. The sale of the two properties was brokered by Berkadia Real Estate Advisors’ Rob Starrett and Steve Jones with Suzanne Hamilton of ERIEBANK providing financing for the transaction.
With a long-term institutional investment strategy in mind, Reynolds’ ownership will support the needs of students, healthcare workers and other professionals relying on the properties by fostering a creative live-work-play environment. The properties benefit from a 15-year tax abatement, underscoring the positive impact the Reynolds team will bring to the area.
“This acquisition checks all the right boxes for us — high-quality new construction at an excellent basis, in a location with strong job growth and long-term economic momentum,” said Matthew Earl, chief operating officer of Reynolds Asset Management in a written statement. “It’s the kind of opportunity where we can deliver real value to our investors while contributing positively to the surrounding community.”
Park Lamont and The Lumos were completed in 2024 and feature condominium-level finishes, two fitness centers and multiple club rooms. The buildings offer a diverse mix of studio, one-bedroom, and two-bedroom apartments, as well as three-story townhomes featuring private rooftop decks and attached garages.
The Lumos on East 93rd Street is the result of strong interest in apartments near University Circle and the Cleveland Clinic. Just over a year after being completed, the building is completely leased out ((Reynolds Asset Management).
Developers often sell their newly constructed assets after they’ve leased out (90 percent is considered fully leased) and are stabilized. Apartments.com shows that only seven units — three apartments and four townhomes are available at the 77-unit Park Lamont. None of the 42 units at The Lumos are currently listed as available.
“We were pleased to support Reynolds Asset Management in this acquisition, contributing to its strategic growth into the Cleveland market,” said Suzanne Hamilton, senior vice president of commercial real estate of ERIEBANK.
“This opportunity represents a true win-win, ERIEBANK was able to continue supporting our existing customers while welcoming Reynolds as a new client,” she added. “We’re excited about the relationship possibilities and look forward to future opportunities together.”
These properties are not subsidized but are leased at workforce-level market rates. Reynolds has other projects in Ohio, as well as additional developments in New Jersey, New York, Pennsylvania, Louisiana, Texas and Florida, company officials noted.
Although the continued growth of University Circle and the Cleveland Clinic is the greatest draw for these new residential properties, they are also near to Downtown Cleveland as well (Reynolds Asset Management).
“We are delighted to have worked with Matthew Earl and his team at Reynolds on this successful sale,” commented Rob Starrett of Berkadia. “There was extensive collaboration and commitment throughout the process by all the parties that were involved on what was a very challenging transaction.
“We could not be more excited to have Reynolds as the new owner of Park Lamont and The Lumos and truly believe that these are exceptional properties that will thrive under its ownership,” Starrett noted.
University Circle, widely recognized as Cleveland’s premier medical, educational and cultural hub, is surrounded by world-renowned institutions, such as the Cleveland Clinic, University Hospitals, and Case Western Reserve University.
This strategic acquisition highlights Reynolds’ ongoing approach to investing in growing, top-tier markets that offer a rare blend of economic stability, high-quality jobs, cultural richness and walkable urban convenience.
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