Receivership Sale: Multifamily with Operational Upside | Parkside Gardens

Investment Highlights:

• Primed for Value-Add Upside: All 303 units are unrenovated with tile floors, laminate countertops, oak cabinets, and white appliances
• Clear Path to Add Value: The top of the competitive set renovated units with backsplash, cherry cabinets, and stainless steel appliances to achieve average rents of $970/unit
• Strong Occupancy Trends in the Submarket: Averaging 97% occupancy
• Minimal New Supply: There is only 1 community under construction in the submarket
• Easy Access to Grocery: Close proximity to Walmart, Target, Aldi, and Meijer
• Close to Major Employers: Lincoln Electric headquarters, Progressive Insurance, the Cleveland Clinic, Cleveland-Cliffs, and a large Amazon distribution center

 Colliers and RI Marketplace are pleased to present Parkside Gardens, 303 units primed for an immediate value-add execution in a high-growth submarket of Cleveland, OH. Positioned next to Lincoln Electric HQ (4,000 jobs) and two large Amazon distribution centers, Parkside Gardens offers multiple paths to add value. All 303 units are unrenovated featuring tile floors, oak cabinets, white appliances, and laminate countertops. A comprehensive renovation program including hardwood-style floors, backsplash, and black or stainless steel appliances unlocks over substantial annual revenue and help boost the property to a higher-income demographic. New ownership will leverage minimal new supply and strong occupancy (currently averaging 97%) in the submarket to time value-add improvements perfectly and quickly push top-line revenue. 

• Thomas Seaman Auctioneer License: 2007000016. Starting Bid: $1,500,000