The largest single property that’s about to transfer to a new owner is the Van Aken Crossing Apartments spread among three buildings on Van Aken Boulevard and the light-rail transit Blue Line near Shaker Square in Cleveland (LoopNet). CLICK IMAGES TO ENLARGE THEM.
Buckeye-Shaker, Edgewater apartments to transfer
Ownerships of a total of 177 apartments spread among nine buildings clustered together in two locations on the east and west sides of Cleveland are about to transfer to out-of-state buyers, public records show. While it’s too early to say what that may mean for the futures of those properties and their neighborhoods, they bear watching.
On Cleveland’s West Side, four buildings with 26 apartments total, all located within a block of each other along Clifton Boulevard in the Edgewater neighborhood, were the subject of requests to the city’s Building Department for certificates of disclosure which identified their pending sale.
On the city’s East Side, five buildings with 151 apartments, all located south of Shaker Square in the Buckeye-Shaker neighborhood, were also subjects of certificates of disclosure in the past week.
Imian Partners, LLC of New Canaan, CT is acquiring the east-side properties. The largest of these is Van Aken Crossings — a three-building, 111-unit apartment complex located at 2830-2890 Van Aken Blvd.
Two other properties being acquired by Connecticut-based Imian Partners are on South Moreland Boulevard, in the Ludlow District south of Shaker Square (LoopNet).
The other east-side properties are a pair of 20-unit buildings on South Moreland Boulevard in an area called the Ludlow District. One is the Moreland Shaker Estates, 2934 S. Moreland. Another is the Malvern Apartments, 2994 S. Moreland.
Imian Partners’ real estate portfolio is heavily focused on the New York City metro area and into Connecticut, according to its Web site. This appears to be its foray into the Greater Cleveland market.
Terms of the pending sales, which have not been recorded yet by Cuyahoga County, are not available. NEOtrans reached out to Imian Partners for more information but has not heard back from them prior to publication of this article.
Selling the properties appears to be a single owner — Immorent & Development LLC of Miami, a company founded and owned by Stephane Filippi. County records show that tax mailings for these east-side properties which have separate corporate affiliates all go to the same post office box.
On Clifton Boulevard at West 110th Street in Cleveland’s Edgewater neighborhood are several of the multifamily properties being purchased by Pittsburgh-based Birgo Realty LLC. The building behind the Clifton bus rapid transit shelter is the Pontiac Apartments (Google).
“The property has been well–maintained by current ownership — with nearly $1,100,000 of capex invested during ownership period — while also possessing a multitude of value-add avenues investors are searching for,” the Van Aken Crossing real estate listing notes. The for-sale listing is no longer active.
Across town, in Cleveland’s Edgewater neighborhood, Pittsburgh-based Birgo Acquisitions LLC, an affiliate of Birgo Realty LLC, is acquiring four apartment buildings with 26 units apread among them, public records show.
The properties being acquired include the eight-unit St. James Apartments, 11111 Clifton; the seven-unit Pontiac Apartments, 11003 Clifton; the four-unit Clifton Two Apartments, 11009 Clifton; and the seven-unit King’s Palace at 11027 Clifton.
Birgo’s portfolio is heavy on Greater Pittsburgh properties but also has a number of multifamily properties in Greater Buffalo. Its only existing Cleveland property is located one block north of its pending acquisitions — the Clifton Lake Apartments, 10903-10911 Lake Ave.
Two Clifton Boulevard apartment buildings, set on either side of West 111th Street, are being acquired by Birgo Realty. At left is the Kings Castle and the St. James Apartments is at right (Google).
NEOtrans reached out to Birgo via a contact form on its Web site, seeking comment on its pending acquisitions. There was no reply prior to publication.
Selling the properties are affiliates owned by the Branon family of Avon Lake and Gates Mills. Property tax records list to an Avon Lake house owned by Stephanie Anne Branon trustee, according to Lorain County records. Contact information could not be located.
Certificates of disclosure are typically requested by title companies carrying out their due diligence on the histories of properties that are being transacted. The certificates show if any liens or other legal limitations may exist to the fee-simple, or clean transfer of a property’s ownership.
The City of Cleveland requires certificates of disclosure to be secured prior to the ownership transfer of a residential property. They are not required for the transfer of commercial properties, including apartment buildings. But title companies often request them anyway to ensure a smooth sale.
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