RevereCRE

8400 Lake Avenue - A Lakeside Multifamily Development

8400 Lake Ave, Cleveland, OH 44102, United States

8400 Lake Avenue - A Lakeside Multifamily Development

8400 Lake, a 170 unit multifamily development is located on the near west side of Cleveland, between the popular Edgewater and Detroit Shoreway neighborhoods. Its site on Lake Avenue, which boasts a newly transformed roadway and streetscape, is just a few minute walk to Edgewater Park and Beach, two of the most treasured recreation venues in the city. With sweeping views of downtown Cleveland and Lake Erie, 8400 Lake promises to be a premier address in the Cleveland market.

Deal Size
$50 M
IRR Percent
21%
Target Investment Period
5 Year(s)

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In 1986 Property Advisors conceived and developed Rockside Business Point, the first flexible office-industrial building in suburban Cleveland's premier Rockside Road business district. Since then, we have expanded our portfolio in this submarket by developing five buildings that comprise the adjacent High Pointe Corporate Park. Property Advisors continues to own, manage, and improve these properties and others even as we pursue new investment and development possibilities in Ohio and throughout the country.

 

Property Advisors has successfully developed and bought over $70 million of real estate, and we continue to build our portfolio by acquiring investment and value-add properties that complement and diversify our core holdings. In recent years, we have purchased Southport Center, a 96,000 square-foot high-tec office building on Rockside Road in Valley View, Ohio; raw land in Columbus, Ohio, that has since been developed for hotel use; Tuller Ridge Corporate Center in Dublin, Ohio, a seven building, 100,000 square-foot office-flex portfolio in Dublin, Ohio, a 333,600 square-foot net lease office-laboratory in Indianapolis, Indiana, and a 45,000 square-foot, net leased corporate headquarters office building in Green, Ohio. We're currently looking to acquire class A and B office and office flex properties with sales prices between $5 and $50 million.

Capital Stack

  • Sponsor Equity

    $2.5 M · 5%

  • Lp-JV Equity

    $7.5 M · 15%

  • Construction Loan

    $40 M · 80%

Investment Highlights
Loan Size
$38 M
Loan Term
2-Year
Net Operating Income
3.35 T USD
# Units
168 Units
Parking Spaces
170 Spaces
Property Type
Multifamily
Deal Type
Development
Risk Profile
CoreCore Plus

8400 Lake Apartments is located on the near west side of Cleveland, between the popular Edgewater and Detroit Shoreway neighborhoods. Its site on Lake Avenue, which boasts a newly transformed roadway and streetscape, is adjacent to Edgewater Park and Beach, two of the most treasured recreation venues in the city. Downtown Cleveland, the region’s primary employment hub, is 3.5 miles to the East and quickly accessible by car, public transportation, and bike path. The Memorial Shoreway—one block from 8400 Lake—provides convenient access to Interstates 77 and 90.

 

There are multiple restaurants, bars, and entertainment venues within easy walking distance, including All Saints Public House, Terrestrial Brewing, Astoria Café, and many more. The Ohio City and Tremont neighborhoods are only a few minutes away.

 

The plan is to develop a stylish, market-rate portfolio of apartments whose generous interior and exterior amenity spaces, abundant landscaping, fresh design, and views of the park and lake will allow residents to combine the pleasures of high-end apartment living with easy access to nature.

 

The building will provide 170 apartments comprising studio, one-bedroom, one-bedroom plus den, and two-bedroom options. Parking includes 171 spaces, almost exclusively in the on-site garage.

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8400EquitySummary.pdf10/05/2022 04:31pm