Park Place Apartments at 14011 Brook Park Road in Brook Park, Ohio — Courtesy: Reynolds Asset Management
By Joshua Burd
Reynolds Asset Management is expanding to the Midwest with its acquisition of a 125-unit apartment complex outside Cleveland, the Paramus-based real estate firm announced.
Located in Brook Park, Ohio, the property at 14011 Brook Park Road is minutes from two interstates and from many of the region’s large employers. Reynolds is now set to begin renovations within the next 90 days, bringing updated market-rate studio and one-bedroom homes to the city’s multifamily housing stock, with completion slated for summer 2024.
The firm acquired the complex with financing from Northwest Bank. Terms were not disclosed.
“This milestone marks Reynolds’ first project of many in the midwestern market, an exciting development as we continue to grow our footprint,” CEO Lou Reynolds said. “Just as with our other properties along the East Coast, we’re excited to bring our team’s deep expertise and history of executing our value-add strategy to the table to create elevated living spaces for those who live and work in the Brook Park community, while actively pursuing more projects in the market.”
Known as Park Place Apartments, the six-acre, 62,645-square-foot property is less than three miles from Cleveland Hopkins International Airport and about 12 miles from downtown Cleveland. The complex was originally built in 1955, Reynolds said, noting that more than 50 percent of its units were renovated in 2016.
Reynolds expects the property to cater to individuals and small families.
“Our partnership with Reynolds shows their strong commitment to excellence and their clear vision for creating outstanding living environments,” said Abe Ibrahim, commercial banking executive at Northwest Bank. “We are confident this project will bring a great benefit to its residents and the greater community of Brook Park.”
