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.