Asset Plus Buys Historic Heritage Hall for $4.5M
- Apr 13, 2015
Out-of-state investors have scooped up another historic building in Cleveland. Houston-based Asset Plus Cos., the largest privately owned student-housing company in the nation, recently acquired the century-old Heritage Hall building at 2200 Prospect Ave. in the city’s downtown. The price of the transaction was $4.5 million.
Asset Plus bought the property from Euclid Avenue Development Corp., a not-for-profit affiliate of Cleveland State University. Newmark Grubb Knight Frank’s Richard Sheehan, Terry Coyne and Michael Plaspohl worked together to represent the seller and secure the buyer.
Heritage Hall was constructed in 1912 on a three-acre site. The nine-story building has 140 dorm rooms and 152,390 square feet of space. It also includes 175 parking spaces. For a long time, Heritage Hall has been the home of the Downtown Cleveland YMCA. The organization plans to move to a new location, across town, next March.
According to NGKF, the new owner intends to convert the facility into a modern, private student housing complex. Heritage Hall will now be known as The Domain at Cleveland. It will feature a premier clubhouse with a fitness center, a computer lab, study rooms and a resident lounge. The studio, one-bedroom and two-bedroom units will all be renovated, with new appliances and cabinets, upgraded bathrooms and new A/C and heating systems.
Asset Plus is leasing apartments for the fall 2015 academic year.
According to Ryan Lang, a senior managing director with ARA, A Newmark Company and head of its Student Housing group, public universities are now turning to private developers to operate student housing, thus allowing them to focus on their academic expansion goals. “In this instance, Asset Plus is filling the university’s need to provide more quality housing options for the students,” he said in a news release.
Photo credit: Newmark Grubb Knight Frank