🧭 Where Smart Apartment Investors Are Buying

📉 Mortgage Rates Hit 3-Year Lows — Buyers React

January 21, 2026

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📬 In today’s edition:

  • 🏢 177 Units, 9 Buildings: Big Moves in Cleveland

  • 🏗️ Cleveland’s Next Wave of Housing Takes Shape

  • 🧭 Where Smart Apartment Investors Are Buying

📰 Cleveland Market Minute

Hough, Stockyards apartments’ financing closes

Many of the new residential developments in Hough, like the Chester 82 Apartments now underway or a new multifamily building proposed at Euclid Avenue and East 71st Street, are market-rate albeit not luxury housing.

For older residents on a budget and are seeking to stay in the Hough neighborhood they helped stabilize, the housing options are more limited.

Mortgage rates fall to lowest level in over 3 years as home-buying activity picks up

Mortgage rates fell to the lowest level in over three years, offering a window of opportunity for many frustrated home buyers.

Recent drops in mortgage rates have been prompted in part by President Donald Trump’s announcement that he was directing “representatives” to purchase $200 billion in mortgage-backed securities.

Two buyers getting nine apartment buildings

Ownerships of a total of 177 apartments spread among nine buildings clustered together in two locations on the east and west sides of Cleveland are about to transfer to out-of-state buyers, public records show.

On Cleveland’s West Side, four buildings with 26 apartments total, all located within a block of each other along Clifton Boulevard in the Edgewater neighborhood.

📍2122 W 6th St, Cleveland, OH 44113

  • 💰 Sold Price: $500,000

  • 📏 Size: 3,432 sq. ft. (3 beds, 2.5 baths)

  • 📅 Year Built: 1999

  • 🛏 3 Beds | 🛁 2 Full + 1 Half Bath

  • 🚗 Off-Street Parking / Carport

  • 🌳 Lot Size: 2,500 sq. ft.

  • 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

This Tremont sale highlights the continued appeal of well-located, larger-format homes priced below new-construction replacement cost. At roughly $146 per square foot, the property traded at a compelling basis relative to nearby newer builds—reflecting strong value for square footage, walkability, and long-term upside.

The home’s walkout basement with separate entrance, already plumbed for an additional bathroom, presents a clear value-add opportunity. With estimated rental potential of $1,500–$2,100/month for a finished lower level, the property supports multiple strategies: owner-occupant with supplemental income, long-term hold, or light repositioning to increase yield in a supply-constrained neighborhood.

🏡 Neighborhood Insight

  • 📍 Community: Tremont, Cleveland

  • 🏞 Nearby Landmarks: Towpath Trail, Lincoln Park, Ohio City, Downtown Cleveland

  • 🚶 Accessibility: Highly walkable; quick access to I-90, I-71, and major employment corridors

  • 🌿 Lifestyle Appeal: Dining, nightlife, boutiques, and trail access all within minutes

📈 Recent Sales Nearby:

  • 2242 W 5th St – $539,000 | 3 Bed | 3 Bath | 2.6k sq. ft.

  • 2444 W 7th St – $501,500 | 3 Bed | 3 Bath | 1.7k sq. ft.

  • 1951 Columbus Rd – $575,000 | 3 Bed | 3 Bath | 2.7k sq. ft.

  • 2102 Willey Ave – $535,000 | 3 Bed | 3 Bath | 1.8k sq. ft.

  • 2165 W 6th St – $655,000 | 3 Bed | 4 Bath | 3.1k sq. ft.

📌 Notable Features

  • ✨ Three-story colonial with classic Tremont character

  • 🔥 Living room fireplace

  • 🍽 Fully applianced kitchen with functional layout

  • 🛏 Third-floor private suite with balcony overlooking Towpath Trail

  • 🏠 Full walkout basement with separate entrance & bath rough-in

  • 🌳 Fenced backyard + rear deck for outdoor living

  • 🚶 Exceptional walkability in one of Cleveland’s most established neighborhoods

💡 Insider’s Insight

🏢 Major Multifamily Ownership Shifts in Cleveland

Two out-of-state buyers are set to acquire nine apartment buildings totaling 177 units across Cleveland’s east and west sides. While transaction terms remain undisclosed, the scale and locations signal notable investor confidence in key neighborhoods.

📍 East Side: Buckeye–Shaker Portfolio (151 Units)

  • Buyer: Imian Partners, LLC (New Canaan, CT)

  • Neighborhoods: Buckeye-Shaker & Ludlow District

  • Total Buildings: 5

  • Largest Asset: Van Aken Crossings

    3 buildings

    111 units

    Located along Van Aken Blvd near the Blue Line & Shaker Square

  • Additional Properties:

    Moreland Shaker Estates – 2934 S. Moreland (20 units)

    Malvern Apartments – 2994 S. Moreland (20 units)

  • Seller: Immorent & Development LLC (Miami)

  • Notable Detail: ~$1.1M in capital improvements invested by current ownership

  • Market Impact: Represents Imian Partners’ first known entry into Greater Cleveland

🌊 West Side: Edgewater / Clifton Portfolio (26 Units)

  • Buyer: Birgo Acquisitions LLC (Pittsburgh-based)

  • Neighborhood: Edgewater (Clifton Boulevard corridor)

  • Total Buildings: 4

  • Properties Included:

  • St. James Apartments – 11111 Clifton (8 units)

  • Pontiac Apartments – 11003 Clifton (7 units)

  • Clifton Two Apartments – 11009 Clifton (4 units)

  • King’s Palace – 11027 Clifton (7 units)

  • Seller: Branon family affiliates (Avon Lake / Gates Mills)

  • Strategic Note: Acquisitions sit one block south of Birgo’s existing Clifton Lake Apartments, signaling clustering strategy

🧾 Why Certificates of Disclosure Matter

  • Required by the City of Cleveland before residential property transfers

  • Often requested by title companies even when not mandated

  • Help identify liens or legal issues prior to ownership transfer

  • Indicates transactions are actively moving through due diligence

Out-of-state investors buying Cleveland apartments — good or bad?

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🏡House of the Week – New Construction Architectural Townhome in Ohio City

📍4300 Whitman Ave #S/L-A, Cleveland, OH 44113

  • 💰 Price: $469,900

  • 📏 Size: 1,419 sq ft

  • 📅 Year Built: 2025 (100% Tax Abatement on Improvements)

  • 🛏 2 Beds | 🛁 2 Full Baths + 1 Half Bath

  • 🚗 1-Car Attached Garage

  • 🏘 Townhouse | Harbor Whitman Development

  • 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: Built by award-winning Keystate Homes, this striking new-construction townhome blends forward-thinking design with neighborhood-sensitive architecture in one of Ohio City’s most coveted blocks north of Lorain. The peaked rooflines and welcoming front porch pay homage to the historic district, while steel roofing, floor-to-ceiling windows, and tucked-away private terraces deliver a distinctly modern edge.

Inside, the home showcases dramatic vaulted ceilings, 10-foot main-level ceilings, and a bright open-concept layout anchored by a high-fashion island kitchen featuring quartz countertops, quality cabinetry, and high-efficiency appliances. Designed for both everyday living and entertaining, the space feels airy, intentional, and refined.

The extra-large owner’s suite impresses with vaulted ceilings, a spa-grade luxury tile bath, and a spacious walk-in closet, while the private guest suite includes its own ensuite bath, offering comfort and flexibility for visitors or work-from-home needs.

Set within Harbor Whitman—an intimate four-unit development, this residence delivers rare new construction in Ohio City, combined with the significant benefit of the old tax abatement system, meaning you only pay taxes on the land. Just steps from parks, shops, dining, public transit, and medical services, this home offers architectural distinction, efficiency, and long-term value in one exceptional package.

👉 Listed by: John Kassimatis | Howard Hanna

📞 216-798-6164 | ✉️ [email protected]

🛠 Tools & Resources We Recommend

  • PropStream → Lead generation + property comps

  • AirDNA → Short-term rental profitability data

  • BiggerPockets Cap Rate Guide → Know how to calculate investment ROI

  • Cleveland Housing Court Tracker → Spot eviction risks and distressed deals

  • Cleveland Real Estate Investor Facebook Group → Share deals and insights with local investors

📣 Weekly Wrap-Up

🏙️ Cleveland Real Estate Weekly | Market, Capital & Sales

Cleveland’s real estate market continues to evolve through shifting capital flows, declining mortgage rates, and selective demand for well-located housing across both single-family and multifamily segments.

🏗️ Neighborhood Development & Housing Access

Financing has closed on multiple apartment projects in Hough, including Chester 82 Apartments, alongside a proposed multifamily development at Euclid Avenue & East 71st Street. While much of the new supply is market-rate rather than luxury, affordability gaps remain for long-term residents on fixed incomes—highlighting an ongoing challenge in neighborhood stabilization efforts.

🏢 Capital Moves: Multifamily Ownership Shifts

Two out-of-state investors are set to acquire nine apartment buildings totaling 177 units across Cleveland’s east and west sides.

  • East Side (Buckeye–Shaker):

Imian Partners (CT) is acquiring a five-building, 151-unit portfolio anchored by Van Aken Crossings near Shaker Square and the Blue Line, marking the firm’s first known entry into Greater Cleveland.

  • West Side (Edgewater):

Birgo Acquisitions (PA) is purchasing four Clifton Boulevard buildings totaling 26 units, continuing a clustering strategy near its existing Edgewater holdings.

These transactions underscore sustained institutional interest in transit-adjacent and lakefront corridors.

🏠 Just Sold Spotlight | Tremont Value Play

  • 2122 W 6th St, Cleveland, OH 44113

  • 💰 $500,000 | 📏 3,432 sq. ft. | 🛏 3 Beds | 🛁 2.5 Baths | Built 1999

At approximately $146 per square foot, this Tremont sale highlights strong value relative to replacement cost. The walkout basement with separate entrance and bath rough-in presents clear upside potential, supporting income, repositioning, or long-term hold strategies in one of Cleveland’s most walkable neighborhoods.

🏡 House of the Week – Ohio City New Construction

  • 4300 Whitman Ave #S/L-A, Cleveland, OH 44113

  • 💰 $469,900 | 📏 1,419 sq. ft. | 🛏 2 Beds | 🛁 2.5 Baths | Built 2025

  • 🏷 100% Tax Abatement on Improvements

A modern architectural townhome by Keystate Homes offering vaulted ceilings, private terraces, and high-efficiency design within the Harbor Whitman development. Rare new construction north of Lorain with significant tax advantages, walkability, and long-term value appeal.

Until next week,

Cleveland Real Estate Investors

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