Cleveland apartment owners see brighter days ahead
Michelle Jarboe
The Lumen high-rise, which opened last year, is just one of two central downtown apartment buildings that are tall enough to alter the city's skyline. Most apartments downtown have been created by converting existing buildings to residential use.
Although downtown Cleveland apartment vacancy has hit 19%, according to online data source CoStar, Michael Sabracos, U.S. CEO of the Istanbul-based AltoPartners realty firm, is more optimistic than last year.
Last month AltoPartners opened Euclid Grand, a $90 million conversion of the former John Hartness Brown complex at 1101 Euclid Ave., to 200 apartments from long-vacant office space. He won't say how many suites are leased, but he's bullish on the market and Cleveland.