{"id":1004120831,"date":"2015-06-08T12:46:04","date_gmt":"2015-06-08T20:46:04","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=352501"},"modified":"2020-04-28T03:43:52","modified_gmt":"2020-04-28T11:43:52","slug":"downtown-cleveland-multifamily-property-to-make-fresh-start-this-year","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-cleveland-multifamily-property-to-make-fresh-start-this-year\/","title":{"rendered":"Downtown Cleveland Multifamily Property to Make Fresh Start This Year"},"content":{"rendered":"

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

\"\"<\/a>A former warehouse-turned-apartment-building is getting ready for a fresh start. The downtown Cleveland property will continue to serve as an apartment building, but it will have a new look and a new name.<\/p>\n

The National Terminal Warehouse Apartments started its life as a cold storage warehouse. The property was redeveloped into a 250-unit\u00a0apartment building in 1996. It was the single largest conversion of its time, opening the door to other such projects in Cleveland\u2019s Warehouse District.<\/p>\n

Morgan Management, a Rochester, N.Y.-based company, purchased the National Terminal Warehouse Apartments<\/em><\/a> on Sept. 8, 2014, from Irving, Texas-based Kimberly-Clark Co. It paid $15.5 million for the asset, less than its $16 million market value, and started work on a rehab project.<\/p>\n

The Plain Dealer<\/em><\/a> now reports that Morgan is wrapping up the first phase of the potentially $21 million project, which is scheduled for completion later this year. It will deliver a renovated building with 248 one- and two-bedroom apartments and many amenities, such as a revamped atrium, a fitness center and a parking garage. Morgan will also rebrand the property as the Archer.<\/p>\n

Pre-leasing started in mid-May. Morgan plans to soon open a new leasing office on West Ninth Street. According to The Plain Dealer<\/em>, rents at the Archer will be notably higher once the renovations are complete. Tenants will pay between $1,200 and $1,400 per month for a one-bedroom unit, while two-bedroom units will go for between $1,600 and $1,800 per month.<\/p>\n

Photo credit: <\/em>www.morgancommunities.com<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A former warehouse-turned apartment building is getting ready for a fresh start. 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