JVM Realty Renovates 4 Suburban Cleveland Communities
- Jun 08, 2017
JVM Realty Corp. is renovating four apartment communities in suburban Cleveland.
“Many metros across the country are grappling with an onslaught of new apartment construction, but that’s not the case in suburban Cleveland,” James Madary, JVM’s president & CEO, told MHN. “By and large, apartment communities in the suburban Cleveland market are aging and out of step with the amenity and service packages sought by today’s residents. In a nutshell, we believe these renovations will give us a serious advantage over the competition.”
The renovations are being done at the 366-unit Royal Oaks Apartments in North Royalton, the 300-unit Dover Farms in North Royalton, the 261-unit Butternut Ridge in North Olmsted and the 258-unit Hidden Lake Apartments in Stow.
“Suburban Cleveland is one of JVM’s established markets, and we’re committed to a long-term presence there,” Madary said. “So, we will always pursue sensible, strategic ways to optimize the operating performance and returns delivered by our portfolio in this market.”
Package locker rooms with 24/7 access for residents, bike storage and tune-up rooms, dramatically expanded fitness centers, new pool decks, revamped clubhouses with modern socializing areas and dramatically refurbished unit interiors are some of the noteworthy changes.
Roal Oaks’ renovated units consist of new cabinets, countertops and appliances; washed almond wood vinyl flooring and stain-resistant carpeting; fresh paint; new plumbing fixtures; and enhanced lighting.
Dover Farms renovations include new hallways, a resurfaced pool deck and an expanded clubhouse with all-new fitness equipment. Units now have new kitchens and hardwood-style flooring in all living areas.
Similar common-area and in-unit renovations are underway at Butternut Ridge and Hidden Lake.
“We’re proud of these four communities and believe that prospects and residents already found them desirable places to live, but these carefully considered, strategic upgrades will make them stand out even more,” Madary said. “In the end, these renovations will give these communities the robust amenity packages that today’s and tomorrow’s apartment renters crave.”
According to Marcus & Millichap’s latest retail market report, approximately 700 apartment units came online in the area last year, most in central Cleveland.
“These four communities are in areas that provide ample access to shopping, recreation, dining, and employment centers of the metro Cleveland region, so residents in these properties can live in a modern, highly amenitized setting and be close to all the things they want to be near,” Madary said. “We have always pursued renovations at our communities when we have determined they will make financial and strategic sense for us in the long-term. We are disciplined and diligent in our acquisitions of communities, and we are disciplined and diligent in our renovation decisions. This time is no different.”