Loganberry Ridge | Richmond Heights, OH

Subject to Court Authorization to Conduct Auction

Investment Highlights:

• Primed for Value-Add Upside: All 397 units are unrenovated with tile floors, laminate countertops, white cabinets, and white appliances
• Clear Path to Add Value: The top of the competitive set renovated units with backsplash, cherry cabinets, and stainless steel appliances to achieve average rents of $970/unit
• Strong Income & Demographics: $81,200 average annual household income within a 2-mile radius of the property
• Minimal New Supply: There are only 1 community under construction in the submarket
• Easy Access to Grocery: Close proximity to Walmart, Target, Aldi, and Meijer
• Close to Major Employers: FlexJet headquarters, Progressive Insurance, the Cleveland Clinic, Cleveland-Cliffs, and a large Amazon distribution center 

Offering Summary:

Colliers and RI Marketplace are pleased to present Loganberry Ridge, 397 units primed for an immediate value-add execution in a high-growth submarket of Cleveland, OH.  Positioned less than 10 minutes from FlexJet Global HQ, Lincoln Electric HQ, a large Amazon distribution center, and thousands of jobs at Progressive insurance, Loganberry Ridge offers multiple paths to add value.

All 397 units are unrenovated featuring tile floors, white cabinets, white appliances, and laminate countertops. A comprehensive renovation program including hardwood-style floors, backsplash, and black or stainless steel appliances unlocks over substantial annual revenue and help boost the property to a higher-income demographic. New ownership will leverage minimal new supply and strong occupancy (currently averaging 97%) in the submarket to time value-add improvements perfectly and quickly push top-line revenue.