This 61-unit apartment community has above average occupancy, with many longer-term renters who pay their rent on time. When we closed the deal in early 2022, rents were significantly below market. In this case, rents were an average of $140 below market based on assets we already owned in the market. This gives us plenty of room to add value for our investors simply by increasing rental income. Regardless, our plan calls for updating unit interiors with easy and inexpensive improvements, then rebrand and repositioning from a Class B- to a Class B+ asset.

Cleveland is seeing job and population growth all being sustained by its pro-business environment, skilled workforce, low cost of living. It’s no wonder companies and households are moving to this market!