This is the first phase of a multi-phase project. We are building a 42-unit Class A apartment community 1,000 feet from the Cleveland Clinic mega-corridor. The Cleveland Clinic expansion in the area is fueling the growth of high-paying medical jobs. The design features an open-living concept with large spaces and amenities for comfortable living. It is the perfect addition to an area that has a bustling, innovative urban core district with robust economic development. Currently in construction, the first set of units will be leasing at above-proforma numbers. We expect delivery between July and September of 2022.
It’s important to note that this investment is Opportunity Zone qualified. For investors facing capital gains of any kind (stocks, business sale, real estate) this tax law helps by deferring or completely erasing Federal taxes. If you are going to realize a large capital gain in the near future, or are interested in collecting a portion of an existing unrealized capital gain, Opportunity Zone deals are one of the most exciting investment developments in recent history.