Search
 

$40M Buys Reserve Square Mixed-Use Development

CLEVELAND-The 3.5-acre development includes two 23-story high-rise towers holding 765 apartment units, 243,696 sf of office and retail space and an 898-space parking garage. The apartments are 85% rented and the office and retail space is between 60% and 70% leased.

By Brian K. Miller | Updated on September 07, 2005

CLEVELAND-Multifamily REIT Equity Residential has sold the Reserve Square mixed-use development here to K&D Group for $40 million, according to industry sources. The 3.5-acre development includes two 23-story high-rise towers holding 765 apartment units, 243,696 sf of office and retail space and an 898-space parking garage. County records show the property changing hands for $36 million, but an industry source familiar with the transaction tells GlobeSt.com the transaction actually totals $40 million when furniture, fixtures and equipment are included. The apartments are 85% rented and the office and retail space is between 60% and 70% leased, they say.Reserve Square occupies an entire city block in Downtown Cleveland’s Theater District. The site address is 1701 East 12th St. Access to the property is provided via the Tower City Center rapid transit system stop and Interstates 71, 77 and 90. The studio, one-, two- and three-bedroom residential units average 825 sf and feature views of the Cleveland skyline and Lake Erie. Building amenities include a rooftop sundeck, indoor pool, fitness center and 24-hour doorman.The transaction was brokered by Holliday Fenoglio Fowler LP. HFF senior managing director Matthew Lawton, managing director Jaime Fink and directors Marty O’Connell, Dave Nachison and Matthew Schoenfeldt had the disposition assignment. Fink declined comment on the details of the transaction and a representative of the buyer could not be reached Wednesday afternoon for comment.”This investment is a value-added opportunity because of historically strong demand for apartments in the area, the long-term institutional ownership and its proximity to the central business district,” says Fink in a prepared statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.