At the top of Superior Road hill in East Cleveland, this large complex of apartments was acquired by a developer who plans to renovate them (Green Bridge Real Estate). CLICK IMAGES TO ENLARGE THEM.
Renovation could help stop area’s decline
The 174-unit, 188,000-square-foot Forest Hills Park Apartment Complex, located on 1.479 Acres at 13995 and 14015 Superior Rd., in East Cleveland has transferred ownership yesterday and is due to be renovated, according to a press release.
The property was built in 1949 and consists of two eight-story apartment buildings containing a total of 174 units divided as 31 one-bedroom units, 115 two-bedroom units and 28 three-bedroom units with an attached 102-space indoor parking garage.
Matthew King, CCIM of Green Bridge Real Estate recently represented the seller, 13995 Superior, LLC in the sale of the redevelopment project for $2.2 million to 13995 Superior Properties, LLC, a Nevada-headquartered private investment company but with a local manager.
The sale represents the second sale of the building in the last decade for Matthew King, principal of Green Bridge Real Estate. King, represented the seller, Marengo Heights, LLC in 2015 for $3,750,000 to LEDAHF – East Cleveland, LLC. It was no secret that LEDAHF – East Cleveland, LLC fell on hard times trying to successfully manage and operate the building from a far. Ultimately defaulting on its Cleveland Port Authority-issued bonds and the building ending up in a Cuyahoga County’s Sheriff sale auction.
Location of the Forest Hill Apartments in East Cleveland (Google).
The new Nevada-based ownership plans a full renovation which is estimated to cost more than $8.5 million or over $50,000 per suite. After LEDAHF’s exit, the property was stripped of all of its plumbing, electrical, elevators and mechanical systems. Nothing of usable value remained at the property, aside from a brick structure housing 174 apartments and connected parking garage.
“This will act as a true catalyst of positive development in this immediate area,” King said in a written statement. In the past 49 months, King has assisted in the sale of more than 2,500 multi-family units valued at $50 million.
“Superior Road and Euclid Avenue in East Cleveland are large NE Ohio apartment corridors traditionally serving an affordable housing tenant base, to see this type of investment in an area serving such a critical part of the population in a time where funding of these government programs remains uncertain, shows that this area is ripe for redevelopment and individuals are willing to invest in the area’s success.”
The Forest Hills Apartments are minutes from the Cleveland Clinic’s Main Campus, Case Western Reserve University and is bordered to the north by the 2.2-square-mile Forest Hills Park which formerly served as John D. Rockefeller’s summer home. The city of East Cleveland serves as a major public transportation center with approximately one-third of the Greater Cleveland Regional Transit Authority bus routes beginning or ending inside the city.
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