Milestone Alert: GHC Completes 8th NEO 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 portfolio was acquired from a long-term owner at 32% of replacement cost and is a tuck-in to existing GHC assets.

This is GHC’s 8th acquisition since its launch in mid-2019. The acquired portfolio consists of studio, one-, two-, three-, and four-bedroom apartments and was 97% occupied at closing. The acquisition complements GHC’s broad portfolio consisting of multi-family assets in the western suburbs of Northeast Ohio, around Shaker Height’s popular Van Aken district, Akron’s trendy Highland Square neighborhood and the lakefront city of Euclid.

GHC Principal Bhavin Patel said, “We continue to believe Northeast Ohio multi-family real estate has tremendous value upside especially compared to other parts of the United States. We continue to see assets in the $50-65k/unit range which are at ~30% of replacement cost and at times 25-50% below comparable properties in other mid-size metropolitan areas.”

GHC Principal Mike Smith said, “We are excited to acquire this portfolio of assets which are tuck-ins to existing assets we have. We are ready to jump in and provide a better product to the tenants living at these assets, starting with upgrading safety and security.”

Concurrently with the acquisition, GHC has officially launched its own property management company, GHC Living. Along with its in-house construction and maintenance services company, GHC Construction Services, GHC continues to vertically integrate to provide for more operational and business efficiencies.

Green Harvest Capital would like to thank our partners who helped us cross the finish line, including Nathan Felker, Ted Motheral, Tyler Bobes, and Simon Demian from Walter Haverfield, Aaron Massara from BlueMark Capital, John Mark Tichar from Oswald, Dan Burkons from IPA, and Chuck Schulman of Carlyle Management.

To discuss opportunities to work, partner and/or invest with GHC, please contact B Patel and/or Michael Smith. www.ghc-lp.com