Milestone Alert: GHC Completes Northeast Ohio Multi-Family Housing Acquisition

Green Harvest Capital (GHC), a multi-family housing real estate group based in Northeast Ohio (NEO), has completed the acquisition of a Class C multi-family portfolio in Cuyahoga County. The 100+ unit portfolio was acquired from a long-term owner around $55,000 per unit, or approximately 40% of replacement cost. 

The acquired portfolio consists of studio, one-, two-, and three-bedroom apartments and was 99% occupied at closing. The acquisition complements GHC’s broad portfolio consisting of multi-family assets around Shaker Height’s popular Van Aken district, Akron’s trendy Highland Square neighborhood and the lakefront city of Euclid.

The recent 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.

GHC Principal Bhavin Patel said, “These assets are an ideal fit for us as they meet our investment thesis. We have a detailed plan in place to improve these properties through interior upgrades, technology enhancements, and green initiatives. Importantly we are also steadfast on improving the living experience for our tenants by providing them a better overall product.”

GHC Principal Mike Smith said, “We are thrilled to execute and acquire such a great portfolio of assets in Northeast Ohio, where we live and focus. We targeted these assets as the best in our robust pipeline, and believe they will be tremendous for our investors.”

Green Harvest Capital would like to thank 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, John Mark Tichar from Oswald, Nick Soeder from Adams Lynch Associates, and Chuck Schulman of Carlyle Management.