The Lumos at 1866 East 93rd St. in Cleveland, Ohio — Courtesy: Reynolds Asset Management
By Joshua Burd
Reynolds Asset Management has made two more acquisitions outside New Jersey, adding a combined 119 newly built apartments in Ohio as part of an ongoing joint venture.
The firm, which is based in Paramus, said it paid $30.6 million for the properties in Cleveland’s University Circle neighborhood. They include Park Lamont at 9606 Lamont Ave. and The Lumos at 1866 East 93rd St., both of which were completed in 2024 with a mix of high-end studio, one-bedroom and two-bedroom apartments and three-story townhomes with private rooftop decks and attached garages.
Reynolds completed the transaction in partnership with the Slabotsky Family Office, marking the organizations’ third deal together.
“This acquisition checks all the right boxes for us — high-quality new construction at an excellent basis, in a location with strong job growth and long-term economic momentum,” said Matthew Earl, chief operating officer of Reynolds Asset Management. “It’s the kind of opportunity where we can deliver real value to our investors while contributing positively to the surrounding community.”
Berkadia’s Rob Starrett and Steve Jones brokered the sale, with Suzanne Hamilton of ERIEBANK originating financing for the transaction, according to a news release. Reynolds noted that, with a long-term institutional investment strategy in mind, its ownership will support the needs of students, health care workers and other professionals relying on the location as the firm leverages a 15-year tax abatement for the properties.
Amenities at the buildings include two fitness centers and multiple club rooms.
“We were pleased to support Reynolds Asset Management in this acquisition, contributing to its strategic growth into the Cleveland market,” said Hamilton, senior vice president of commercial real estate of ERIEBANK. “This opportunity represents a true win-win — ERIEBANK was able to continue supporting our existing customers while welcoming Reynolds as a new client. We’re excited about the relationship possibilities and look forward to future opportunities together.”
Reynolds added that University Circle is surrounded by world-renowned institutions such as the Cleveland Clinic, University Hospitals and Case Western Reserve University.
“We are delighted to have worked with Matthew Earl and his team at Reynolds on this successful sale,” Berkadia’s Starrett said. “There was extensive collaboration and commitment throughout the process by all the parties that were involved on what was a very challenging transaction. We could not be more excited to have Reynolds as the new owner of Park Lamont and The Lumos and truly believe that these are exceptional properties that will thrive under its ownership.”
Reynolds closes on 432-unit apartment complex in Ohio, adding to Midwest portfolio
