Friday, January 21, 2022

Aging Shaker Square apartment complexes bought

Two eight-story apartment complexes just west of Cleveland’s Shaker
Square and across Shaker Boulevard from each  other were purchased
last week by a Chicago-area investor that typically invests in its pro-
perties to add value to them. One property is The Vista At Shaker
Square seen at far-right and the Shaker North Apartments seen in
the distance at far-left. This August 2021 view is looking east
along Shaker Boulevard toward Shaker Square (Google).

Last week, a large, Chicago-area investment firm that reinvigorates multi-family properties acquired two aging, mid-rise apartment complexes on Shaker Boulevard just west of Cleveland’s Shaker Square for $12.4 million, according to public records. The buyer, AMG Realty Group of Skokie, IL, typically looks for faded, undervalued properties so it can update them and improve their management to boost occupancy and then re-sell them.


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