View Full Details
Multifamily
The Ascent at Top of the Hill
Cleveland Heights, OH
262 Units
Built in 2024
Core
Investment Highlights
- GROWTH OF MEDICAL & RESEARCH JOBS ACCELERATING - Nearly $2 billion of new research and medical buildings will be delivered in 2026 / 2027 within 1.5 miles of Ascent.
- MEDS & EDS - University Circle contains the densest concentration of medical research and clinical healthcare jobs in the United States. CWRU provides thousands more non-medical academic jobs within.
- STRENGTH OF OCCUPANCY AND LEASE-UP - Ascent hit stabilization less than a year from COs and has maintained very high occupancy (96% - 99% over past 18 months) with little to no concessions.
- BEST-IN-CLASS ASSET - Residents enjoy high-end unit finishes, professional-grade fitness center, rooftop pool, pet spa, several lounges, and plentiful attached garage parking. Only the most expensive competitors rival Ascent's offerings.
- UPSIDE IN RENT - In-place rents average $2.48/SF while competitors are achieving $3.00+/SF. Currently occupied at 99% with essentially no concessions and located in NE Ohio's highest job-growth market, Ascent is well-positioned for significant rent growth in 2026 and beyond.
- AVAILABLE FAR BELOW REPLACEMENT COST - Developer built with the intention of a long-term hold and spared no expense with a keen eye for detail. Total 2022-2023 construction costs (including public incentives) was over $81M.
- WALKABILITY - Ascent is walkable to everyday necessities (grocery store, coffee shops) as well as high-end nightlife and dining. The other University Circle rental options are far less walkable to retail and entertainment. Approximately 1/3 of Ascent's residents (empty nesters, young professionals) do not work or attend school in University Circle, a higher percentage than its peer set. The location within the Cedar-Fairmount neighborhood is a big draw.
Exclusively listed by
Related Research
More Listings from Michael S. Barron, CCIM
The Ascent at Top of the Hill
