Smartland Buys Lee-Yorkshire Apartments in Cleveland Heights
- Nov 05, 2013
Smartland, Cleveland’s largest real estate investment firm and one of Ohio’s top property management companies, has purchased the Lee-Yorkshire Apartments. The price of the transaction was not disclosed.
The Lee-Yorkshire Apartments complex is located at 2027 Lee Road, in Cleveland Heights, one of Cleveland’s most desirable suburbs in terms of public transportation, safety, education, amenities and resident services, according to Smartland. It is close to some important Cleveland landmarks, such as the Cedar Lee movie theater, the Lopez restaurant, Cleveland Clinic, Cleveland State University, Case Western Reserve University and University Hospitals.
The complex offers 304 spacious one-bedroom and two-bedroom units, featuring hardwood floors; ceiling fans; walk-in closets; kitchens with built-in cabinets, refrigerators and stoves; full baths; and more. Building amenities also include covered parking and a laundry facility.
“Lee-Yorkshire Apartments offers the perfect mix of affordable rent and well-managed housing that Cleveland-based tenants—and Ohioans in general—appreciate and have come to expect from Smartland,” Vadim Kleyner, its CEO, said in a statement for the press. He added that his company believes in and wants to contribute to Northeast Ohio’s economic rebirth and that the purchase is part of Smartland’s years-long commitment to bringing high-quality, affordable housing to the area. “Over the last several years, we have restored hundreds of houses in the Cleveland area and have successfully helped reduce vacancy rates throughout Cleveland. We will continue to identify, restore and purchase properties that meet our investment and quality standards,” Kleyner also said.
One-bedroom apartments in the complex rent for $650 per month, while two-bedroom units rent for $725 per month. According to a Marcus & Millichap Greater Cleveland apartment market report for the third quarter of 2013, average effective rents rose to an all-time high of $792 per month. With apartment vacancy in the area at historically low levels, the average effective rent is likely to rise to $804 per month by the end of the year.Photo credits: Cleveland Property Management Charts courtesy of Marcus & Millichap Real Estate Investment Services.