Paramus-based Reynolds Asset Management on Monday said it closed on a 125-unit multifamily apartment complex in Brook Park, Ohio, just southwest of the Cleveland CBD.
With financing provided in partnership with Northwest Bank, renovations at the 62,645-square-foot Park Place Apartments are slated to begin in the next 90 days and will add updated market-rate studio and one-bedroom residences to the city’s much-needed inventory upon completion by Summer 2024.
“This milestone marks Reynolds’ first project of many in the midwestern market, an exciting development as we continue to grow our footprint,” Lou Reynolds, CEO of Reynolds Asset Management said. “Just as with our other properties along the East Coast, we’re excited to bring our team’s deep expertise and history of executing our value-add strategy to the table to create elevated living spaces for those who live and work in the Brook Park community, while actively pursuing more projects in the market.”
Conveniently located within close proximity to the Cleveland Hopkins International Airport, as well as many large employers, Park Place Apartments will offer residents the ease of suburban living while remaining near the hustle and bustle of a major metropolitan area. The units, which will vary in size, will be thoughtfully designed to meet the diverse needs of residents through flexible living spaces for individuals and small families.
“Reynolds offers unparalleled expertise and professionalism, proving they are the ideal company to take on the redevelopment of Park Place Apartments,” Gary Cooper, senior vice president of Colliers, the brokerage firm representing both the buyer and seller in the transaction said. “We believe this multi-family campus in Brook Park will not only enhance the housing options in the community but also contribute to the region’s overall economic growth and prosperity.”
“Our partnership with Reynolds shows their strong commitment to excellence and their clear vision for creating outstanding living environments,” Abe Ibrahim, commercial banking executive at Northwest Bank, the lenders involved in the acquisition said. “We are confident this project will bring a great benefit to its residents and the greater community of Brook Park.”