{"id":1004117395,"date":"2015-04-13T08:21:14","date_gmt":"2015-04-13T16:21:14","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=340148"},"modified":"2020-04-24T08:32:42","modified_gmt":"2020-04-24T16:32:42","slug":"asset-plus-buys-historic-heritage-hall-for-4-5m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/asset-plus-buys-historic-heritage-hall-for-4-5m\/","title":{"rendered":"Asset Plus Buys Historic Heritage Hall for $4.5M"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

\"\"<\/a>Out-of-state investors have scooped up another historic building in Cleveland. Houston-based Asset Plus Cos., the largest privately owned student-housing company in the nation, recently acquired the century-old Heritage Hall building at 2200 Prospect Ave. in the city\u2019s downtown. The price of the transaction was $4.5 million.<\/p>\n

Asset Plus bought the property from Euclid Avenue Development Corp., a not-for-profit affiliate of Cleveland State University. Newmark Grubb Knight Frank\u2019s Richard Sheehan, Terry Coyne and Michael Plaspohl worked together to represent the seller and secure the buyer.<\/p>\n

Heritage Hall was constructed in 1912 on a three-acre site. The nine-story building has 140\u00a0dorm rooms and 152,390 square feet of space. It also includes 175 parking spaces. For a long time, Heritage Hall has been the home of the Downtown Cleveland YMCA. The organization plans to move to a new location, across town, next March.<\/p>\n

According to NGKF, the new owner intends to convert the facility into a modern, private student housing complex. Heritage Hall will now be known as The Domain at Cleveland<\/em><\/a>. It will feature a premier clubhouse with a fitness center, a computer lab, study rooms and a resident lounge. The studio, one-bedroom and two-bedroom units will all be renovated, with new appliances and cabinets, upgraded bathrooms and new A\/C and heating systems.<\/p>\n

Asset Plus is leasing apartments for the fall 2015 academic year.<\/p>\n

According to Ryan Lang, a senior managing director with ARA, A Newmark Company and head of its Student Housing group, public universities are now turning to private developers to operate student housing, thus allowing them to focus on their academic expansion goals. \u201cIn this instance, Asset Plus is filling the university\u2019s need to provide more quality housing options for the students,\u201d he said in a news release.<\/p>\n

Photo credit: <\/em>Newmark Grubb Knight Frank<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Out-of-state investors have scooped up another historic building in Cleveland. Houston-based Asset Plus Companies, Inc., the largest privately-owned student-housing company in the nation, has recently acquired the century-old Heritage Hall building at 2200 Prospect Avenue, in the city’s downtown. The price of the transaction was $4.5 million.<\/p>\n","protected":false},"author":925,"featured_media":1004507323,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[],"class_list":["post-1004117395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-latest"],"acf":[],"yoast_head":"\nAsset Plus Buys Historic Heritage Hall for $4.5M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/asset-plus-buys-historic-heritage-hall-for-4-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asset Plus Buys Historic Heritage Hall for $4.5M\" \/>\n<meta property=\"og:description\" content=\"Out-of-state investors have scooped up another historic building in Cleveland. Houston-based Asset Plus Companies, Inc., the largest privately-owned student-housing company in the nation, has recently acquired the century-old Heritage Hall building at 2200 Prospect Avenue, in the city’s downtown. 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