Cleveland, OH

Investors putting big money into Glenville

NEOtrans

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These apartment buildings on East 105th Street are among 20 Glenville buildings were acquired by investors who are renovating them.Google

This pair of century-old apartment buildings on either side of East 105th Street at Colonial Avenue are among 20 Glenville buildings that were acquired by investors who are renovating them with affordable housing.

Denver and Cleveland investors jointly acquired 20 Glenville apartment buildings with the intent of renovating them with affordable housing. The investors, Cardinal Housing Group and Salus Development, are committing $16.6 million to property acquisitions and rehabilitations, according to city of Cleveland and Cuyahoga County records.

Building permit applications were filed over the past couple of weeks for the 20 historic apartment buildings, all of which have brick exteriors and were built in the late 1800s and early 1900s. They are smaller buildings, ranging in size from two to 17 apartments each. The county has rated each of the buildings to be in fair or better condition.

Through a non-profit organization, the investors propose to put $11,387,001 into renovations in total for all of the buildings, city building department records show. The investment per building ranges from $175,398 to $984,852.

Salus Development specializes in recapitalizing and overseeing renovation of affordable housing throughout the Midwest, but primarily in Ohio, said Michael Laskey, president of Salus Development. It is the developer and will be a large percent of the general partnership when it closes on financing and begins construction. LDA Architects Inc. of Cleveland is the architect of record.

Locations and addresses of the 20 Glenville apartment buildings purchased by a partnership of the Cardinal Housing Group, Salus Development and a nonprofit group headed by a former federal housing official Dennis Morton.

The portfolio of apartment buildings on 22 parcels was acquired in October 2020 for $5,262,064 by a Cardinal Housing Group affiliate named Cardinal-Glenville MM LLC. The seller was American Community Developers Inc. (ACD) of Harper Woods, MI, a Detroit suburb. ACD was doing business locally as Glenville Apartments Limited Partnership and Boardwalk Apartments Limited Partnership.

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