Downtown Cleveland Multifamily Property to Make Fresh Start This Year
- Jun 08, 2015
A former warehouse-turned-apartment-building is getting ready for a fresh start. The downtown Cleveland property will continue to serve as an apartment building, but it will have a new look and a new name.
The National Terminal Warehouse Apartments started its life as a cold storage warehouse. The property was redeveloped into a 250-unit apartment building in 1996. It was the single largest conversion of its time, opening the door to other such projects in Cleveland’s Warehouse District.
Morgan Management, a Rochester, N.Y.-based company, purchased the National Terminal Warehouse Apartments on Sept. 8, 2014, from Irving, Texas-based Kimberly-Clark Co. It paid $15.5 million for the asset, less than its $16 million market value, and started work on a rehab project.
The Plain Dealer now reports that Morgan is wrapping up the first phase of the potentially $21 million project, which is scheduled for completion later this year. It will deliver a renovated building with 248 one- and two-bedroom apartments and many amenities, such as a revamped atrium, a fitness center and a parking garage. Morgan will also rebrand the property as the Archer.
Pre-leasing started in mid-May. Morgan plans to soon open a new leasing office on West Ninth Street. According to The Plain Dealer, rents at the Archer will be notably higher once the renovations are complete. Tenants will pay between $1,200 and $1,400 per month for a one-bedroom unit, while two-bedroom units will go for between $1,600 and $1,800 per month.
Photo credit: www.morgancommunities.com