High-rise property boasting 426 units, situated in the thriving Cleveland area
Unveil the potential of this impressive high-rise property boasting 426 units, situated in the thriving Cleveland area. The property is primed for a discerning multifamily investor seeking a valuable addition to their portfolio. With a zoning classification of GR, this sought-after property offers immense opportunity for further development and expansion
- Currently at 50% occupancy, there is significant potential for increased leasing and revenue generation
- Profit on an investment appraised at circa $63m that can be acquired for $41m
- Projected IRR 32%
- Equity Required $17M
- Sponsor activities include asset and property management including renovation and lease up management for newly acquired assets
- Sponsor with strong track record in capital formation for new real estate investments and asset management for over 150 investors
- Sponsor acted as Chairman of the Board of Directors for a Bank where he also served as the Chairman of the Audit Committee
- Developer/Sponsor committing $1m equity