Exclusive: Buckhurst Snaps Up 241 Units in Cleveland
The acquisition marks the buyer's first investment in the metro.
Buckhurst Properties has paid $25.5 million for The Perch on Lake, a 241-unit multifamily property in Sheffield Lake, Ohio, according to Yardi Matrix information.
Berkadia Commercial Mortgage issued a $19.2 million Freddie Mac loan with a maturity date set for 2036.
The Perch on Lake is the only Cleveland community in Buckhurst Properties’ portfolio, according to the same source. A private individual sold the asset after four years of ownership.
The building is at 5115 E. Lake Road. It occupies a 6-acre lot along the Lake Erie shoreline, close to several lakefront parks and beaches. State Route 2 and Interstate 90 are close, providing access across Cleveland’s western suburbs, while the building is near Ford Motor Co.’s Ohio Assembly Plant, one of the major employers in the area. Downtown Cleveland is 26 miles away.
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Completed in 1970, the 11-story property comprises studios, one- and two-bedroom floorplans with an average unit size of 1,107 square feet, as well as a penthouse collection. Residences feature balconies, walk-in closets, vinyl flooring, ceiling fans, along with kitchens with dishwashers and standard appliances.
Common-area amenities include a swimming pool, a fitness center, laundry facilities, bicycle storage, landscaped gardens, as well as barbecue and picnic areas. The Perch on Lake also features elevators, package services, garage rentals and 460 parking spots.
Cleveland’s healthy fundamentals drive investment
Cleveland’s multifamily sector started 2026 on stronger footing, according to a Yardi Matrix report. Transaction volume hit $34.1 million during the first two months of the year, up 28.7 percent from the same period in 2025.
Operating fundamentals remained healthy, as average asking rents rose 2.8 percent year-over-year to $1,246 per unit as of February 2026, while Cleveland’s occupancy rate stood at 94.5 percent, slightly above the national average. Construction activity also remained moderate, as developers had more than 3,300 units underway and 20,100 units in the planning and permitting stages, the same report shows.
Investment activity continued in the following months. As of July 2026, Cleveland’s year-to-date total dollar volume reached roughly $100 million, as 2,200 units changed hands, according to Yardi Matrix information. A transaction that closed in January is the largest investment in the metro year-to-date through July. Green Harvest Capital paid $30.9 million for Standard on Main, a 236-unit property in Akron, Ohio.
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