CLEVELAND, Feb. 5, 2018 - Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Statler Arms, a 295-unit apartment building in downtown Cleveland. The property sold for $40 million.
“The buyer plans to renovate the entire property and once fully transformed, the Statler will be one of downtown Cleveland’s most premier luxury apartment buildings,” says Michael Barron, senior managing director. Barron, Joshua Wintermute and Daniel Burkons, senior directors, represented the buyer, a local private client. The seller is a Philadelphia-based institutional client.
The historic former luxury hotel is located on the corner of East 12th Street and Euclid Avenue in Cleveland’s Theater District. Public transportation, the Cleveland Clinic, Case Western University, and Cleveland State University are nearby. Built in 1912 as the 700-room Statler Hotel, the property was enlarged in the 1930s, became an office building in the 1980s and was converted to apartments in 2000.