Trailblazing Mariner s Watch apartments in Ohio City are sold
COSTAR
Mariner s Watch, a 62-suite building that launched a bevy of new apartment projects on lower Detroit Avenue in Cleveland, is the latest purchase by My Place Group.
Mariner s Watch, an apartment project on the West Side of Cleveland that ushered in the current run of multifamily construction near downtown, now is part of real estate developer Chad Kertesz s My Place Group holdings.
My Place announced the acquisition on its web page. Cuyahoga County property records show the property changed hands Dec. 21 but do not disclose a sale price. The county assigns the 62-suite Mariner s Watch a market value of $8 million for property tax purposes, close to its original construction cost. Industry estimates put the sale price for the property in the range of $15 million, or more than $240,000 per suite.