Receivership Sale: Multifamily with Upside | Greater Cleveland Area

Subject to Court Authorization to Conduct Auction

Investment Highlights: 

• Primed for Value-Add Upside: All 200 units are unrenovated with laminate countertops, oak cabinets, and white appliances
• Clear Path to Add Value: The top of the competitive set renovated units with hardwood-style floors, espresso cabinets, higher-end laminate countertops, and stainless steel appliances to achieve average rents of $1,045/unit
• 96% Average Occupancy in Elyria: Very stable market with increasing demand
• No New Supply: There are no units set to deliver within a 5-mile radius over the next 3+ years
• Easy Access to Grocery & Retail: Close proximity to Target, Giant Eagle Supermarket, and Sam’s Club
• Close to Major Employers: The Cleveland Clinic, Cleveland-Cliffs, and Cleveland Hopkins International Airport

Offering Summary:

Colliers and RI Marketplace are pleased to present High Point in the Park, 200 units primed for an immediate value-add execution located near major employers in Cleveland, OH. Built in 1973 and situated on over 33 acres, High Point in the Park offers new ownership substantial revenue upside through comprehensive unit interior renovations and amenity enhancements.

All 200 units are in classic condition featuring tile floors, laminate countertops, oak cabinets, and white appliances. Select units have hardwood-style floors. Strategic renovations including modern cabinets, higher-end laminate countertops, and black or stainless steel appliances generate significant top-line revenue and boosts the property’s perception to a higher-income demographic. The wide-ranging amenity package includes a swimming pool with sundeck, tennis courts, fitness center, and a laundry facility. 

New ownership will leverage positive multifamily fundamentals in Elyria including strong demand (96% average occupancy), no new supply within a 5-mile radius of the property, and a 3.3% unemployment rate to time value-add improvements perfectly and quickly push top-line revenue.