Milestone Alert: GHC Closes 78-Unit Workforce Housing Acquisition in Akron, Ohio
Green Harvest Capital (GHC), a multi-family real estate group based in Northeast Ohio (NEO), has completed the acquisition of a 78-unit asset in Akron, OH. The portfolio of units was acquired in a single transaction at approximately $48,000 per unit, an estimated one-third of replacement cost.
The apartment complex is located in the trendy Highland Square neighborhood of Akron, which is within walking distance to many local retail shops and restaurants. It is steps away from the prestigious Portage Country Club and within a few minutes’ drive of new Akron developments such as the I Promise School.
Providing convenient access to transit lines, the 78-unit property offers charming studios through 4-bedroom units with garage parking.
With other multi-family assets currently owned in Cleveland’s popular Van Aken district and the flourishing North Canton neighborhood, the new endeavor demonstrates the firm’s belief in their model and the lucrative market for workforce housing in Northeast Ohio. Moreover, the acquisition aligns with the firm’s initiative to establish geographical areas in NEO that offer modernized assets that prioritize safety, connectivity, and value for tenants.
“This Akron asset is an ideal fit for us. Similar to other GHC properties, this asset meets our investment thesis. We have a detailed plan in place to improve the property through technology and green initiatives. Importantly, we are also steadfast on improving the living experience for our tenants. We like to describe Akron‘s Highland Square as the Shaker Heights/Van Aken District of Akron. It’s hip. It’s walkable. It’s historic with 100-year-old oak trees. It’s simply a great place to live with many transit and employment options nearby.” —Bhavin Patel, Managing Partner of GHC
“We are thrilled to acquire such a great asset in Northeast Ohio, where we live and where GHC is solely focused. This project was delayed due to Covid-19, and we thank the seller for staying patient as we worked through the lending, insurance, and legal gates. We targeted this asset as the best in our robust pipeline and believe it will be tremendous for our investors.” —Michael Smith, Managing Partner of GHC
Green Harvest Capital would like to thank all of our partners who helped us cross the finish line, including Ted Motheral and Nathan Felker from Walter Haverfield, Kevin Culp from First Commonwealth Bank, John Mark Tichar from Oswald, Will Schill from Resource Title, Chuck Schulman of Carlyle Management, Ralph McGreevy from NOAA, and Dan Burkons and Joshua Wintermute from IPA.
Are you or someone you know interested in diversifying your savings by investing in multi-family real estate? Please visit our website, www.ghc-lp.com, or visit our Shaker property website, www.shakercrossing.com. Better yet, give us a call and we can give you a socially distanced tour of our renovated and rebranded Shaker asset or our Akron asset. Our deal pipeline remains full and we expect to go under-contract on our next asset within the next month.