Two Historic Properties Hit the Market in Downtown Cleveland
Jun 22, 2017
CLEVELAND, June 22, 2017 – Institutional Property Advisors (IPA) announced today it has been awarded the exclusive listing for Huron Square & the Osborn Apartments, two office buildings that have been converted into 120 apartments located above 16,132 square feet of retail/office space in downtown Cleveland. The properties are being offered for sale unpriced and free and clear of existing debt.

“The current owners were among the very first developers to see a thriving residential neighborhood in downtown Cleveland when they converted these two architecturally significant office buildings to multifamily in 2001,” says Michael Barron, senior managing director. “Today 15,000 people, largely high-earning professionals, live 24-hour lifestyles in the city’s thriving central business district.”

Barron, Daniel Burkons, senior managing director and Joshua Wintermute, director, are representing the seller, two local Cleveland families.

“While many multifamily investors have clamored for an opportunity to enter this hot market segment, only a few downtown apartment complexes have actually traded, leaving complex historic rehab acquisitions/conversions as the typical route to ownership,” adds Burkons. “Huron Square & the Osborn Apartments present a rare opportunity to acquire a well-established, stable operation located at one of the best and most well-known intersections in all of downtown Cleveland. These assets also provide the perfect value-add opportunity by enhancing the common areas and updating the fantastic floor plans. The differential between rents with updated units is up to $250 per unit.”

Huron Square is located at 1001 Huron Road and the Osborn is across the street at 1020 Huron Road. The buildings are situated by two of downtown Cleveland’s most popular districts, the Gateway neighborhood and Playhouse Square. East 9th Street, the city’s main thoroughfare and home of many of its tallest office buildings and major employers, is 50 yards away.

Originally composed of physician and dentist offices, Huron Square was built in 1923. It now features 70 loft-style apartments and two commercial spaces.

Built in 1895 to house medical offices, the Osborn Building now has 50 loft-style apartments and two commercial spaces.