In a move that expands its portfolio westward into a new market, Reynolds Asset Management, with financing provided in partnership with Northwest Bank, announced it has closed on a 125-unit multifamily apartment complex. Located at 14011 Brook Park Road, in Brook Park, Ohio, just southwest of the Cleveland CBD, on nearly six acres of land, renovations at the 62,645-square-foot Park Place Apartments are slated to begin in the next 90 days and will add updated market-rate studio and one-bedroom residences to the city’s much-needed inventory upon completion by Summer 2024.
“This milestone marks Reynolds’ first project of many in the midwestern market, an exciting development as we continue to grow our footprint,” said Lou Reynolds, CEO of Reynolds Asset Management. “Just as with our other properties along the East Coast, we’re excited to bring our team’s deep expertise and history of executing our value-add strategy to the table to create elevated living spaces for those who live and work in the Brook Park community, while actively pursuing more projects in the market.”
Conveniently located within close proximity to the Cleveland Hopkins International Airport, as well as many large employers, Park Place Apartments will offer residents the ease of suburban living while remaining near the hustle and bustle of a major metropolitan area. The units, which will vary in size, will be thoughtfully designed to meet the diverse needs of residents through flexible living spaces for individuals and small families.
“Reynolds offers unparalleled expertise and professionalism, proving they are the ideal company to take on the redevelopment of Park Place Apartments,” said Gary Cooper, senior vice president of Colliers, the brokerage firm representing both the buyer and seller in the transaction. “We believe this multi-family campus in Brook Park will not only enhance the housing options in the community but also contribute to the region’s overall economic growth and prosperity.”
“Our partnership with Reynolds shows their strong commitment to excellence and their clear vision for creating outstanding living environments,” said Abe Ibrahim, commercial banking executive at Northwest Bank, the lenders involved in the acquisition. “We are confident this project will bring a great benefit to its residents and the greater community of Brook Park.”
Park Place Apartments was originally built in 1955 and more than 50% of its units were renovated in 2016. For more information on Park Place Apartments, contact the Reynolds Asset Management team at info@reynoldsasset.com.
About Reynolds Asset Management
Founded in 2003, Reynolds Asset Management is a passionate team of investors dedicated to providing superior management of commercial real estate projects nationwide. Based in Paramus, New Jersey, Reynolds’ investment and development portfolio includes multifamily, mixed-use, office and industrial projects in New Jersey, New York, Pennsylvania, Ohio, and Florida, bringing positive change to the communities it touches. For more information on current projects, visit www.reynoldsasset.com or connect with the firm on LinkedIn.
