Landmark Lands Cleveland Lakeshore Community

Quay 55, a former warehouse converted to apartments, is now in the hands of an affiliate of Landmark Cos. Deancurt Realty Group sold the Lake Erie shoreline property after six years of ownership.
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The Shoreline in Cleveland

Landmark Management acquired Quay 55, a 138-unit community in Cleveland, from Deancurt Realty Group, a local company. Online records of the Cuyahoga County Fiscal Office do not disclose the value of the transaction. However, Yardi Matrix data shows that the sale was subject to a $20.3 million loan held by Prime Finance Partners. The Cuyahoga County assigns the building a market value for property tax purposes of $15 million. The new owner renamed the asset The Shoreline. 

Adaptive reuse

Located at 5455 N. Marginal Road, the community lies on the Lake Erie shoreline, between the Cuyahoga River and East 55th Street. The Shoreline is minutes away from Interstate 90 and less than four miles from downtown Cleveland. Coffin Development Co. converted the 1929-built asset to apartments back in 2001, following a $28 million investment.  

The property features 10 one-, 126 two- and two three-bedroom units, ranging from 710 square feet to 1,800 square feet. Amenities include a fitness center, business center, swimming pool and 240 parking spaces. The five-story building is currently 94 percent occupied. According to the Crain’s Cleveland Business, the property will undergo a $400,000 renovation process.

Landmark will also manage the 250,000-square-foot community. The new owner has a building permit to add 29 units to the asset. The property includes 20,000 square feet of retail space.

Image courtesy of Yardi Matrix