Matthew Earl, Louis Reynolds & Adam Triglia Of Reynolds Asset Management Acquire Multifamily Assets In Cleveland For $30.59M

The multifamily assets involved in the transaction are located at 9606 Lamont Avenue and 1866 East 93rd Street in Cleveland. The sale price was $30,590,430 for a total of 119 units, resulting in a per unit price of $257,062. The total square footage of the properties is 84,467, equating to a price per square foot of $362.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $30,590,430
• Units: 119
• Price Per Unit: $257,062
• Square Feet: 84,467
• Price Per Square Foot: $362
• Buyer: Matthew Earl, Louis Reynolds & Adam Triglia - Reynolds Asset Management
• Brokers: Rob Starrett & Steven Jones - Berkadia

Reynolds Asset Management has acquired the properties known as Park Lamont & The Lumos, which are new construction apartment communities situated in the University Circle submarket of Cleveland. These properties are adjacent to the Cleveland Clinic and University Hospital systems, targeting professionals and families in a high-growth area.