Milestone Alert: GHC Closes Multi-Family Acquisition in Euclid

Green Harvest Capital (GHC), a multi-family real estate group based in Northeast Ohio (NEO), has completed the acquisition of a 94-unit asset in Euclid, Ohio. The assets were acquired at an estimated 20% of replacement cost.

The apartment complex, located in a Federal and State opportunity zone, is in the heart of Euclid, Ohio within walking distance to many local gems including Euclid Memorial Park, Briardale Greens Golf Course, and Sims Beach. It is also within an eight-block radius of Euclid’s Police Station, Euclid City Hall, Euclid Public Library, and Euclid High School / Middle School. Nearby walk-to amenities include parks, coffee shops, restaurants, and many daily conveniences.

Importantly, the asset is in a locale that is focused on economic growth and its citizens. Under one mile to Lake Erie's shoreline and phase 1 of Euclid’s Waterfront Improvement Plan – boardwalk, lakefront trails, golf courses and beaches. Also, under one mile to Amazon’s $175 million distribution center and Lincoln Electric’s HQ / Welding Technology and Training Center.

With other multi-family assets currently owned in Cleveland’s popular Van Aken district and Akron’s trendy Highland Square neighborhood, the new endeavor demonstrates GHC’s belief in their model and the consistent 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 Euclid asset is an ideal fit for us. Similar in style and size to other GHC properties, this asset meets our investment thesis of buying assets at substantially below replacement value in areas of Northeast Ohio where we believe the locale is in the 2nd-3rd inning of an economic renaissance. We have a detailed plan in place to improve the property through interior, technology, and green initiatives. Importantly, we are also steadfast on improving the living experience for our tenants.” —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. Euclid is a great city with a strong, vibrant history. We are excited to roll up our sleeves and get to work. 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 our partners who helped us cross the finish line, including Nathan Felker, Ted Motheral, Greg Watkins, and Bill Raiff from Walter Haverfield, Aaron Massara from BlueMark Capital, Mike Sikora, Rick Craven, and Mike Neiman from Sikora Law, John Mark Tichar from Oswald, Will Schill from Resource Title, and Chuck Schulman of Carlyle Management.