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Millennia Acquires 295-Unit Statler Arms Bldg. in Cleveland

Historic Tower Trades for $40 Million
February 8, 2018
The Millennia Cos., a local and vertically integrated real estate company, acquired the historic, 295-unit Statler Arms apartment building in Cleveland from Ares Commercial Real Estate Management and LCOR, Inc., for $40 million, or approximately $135,600 per unit.

The Statler Arms made its debut as a grand hotel in 1912 at 1127 Euclid Ave. The building was converted into office space in the 1980s and, most recently in 2000, it was retrofitted as an apartment building.

The 310,043-square-foot structure comprises one-, two- and three-bedroom units and includes 4,500 square feet of retail space, along with a fitness and business center.

Michael Barron, senior managing director of Institutional Property Advisors (IPA), said, “The buyer plans to renovate the entire property and once it is fully transformed, the Statler will be one of downtown Cleveland’s premier luxury apartment buildings.”

Barron, along with Joshua Wintermute and Daniel Burkons of IPA, a division of Marcus & Millichap, represented Millenia in the acquisition.

Please see CoStar COMPS #4123734 for more information on this transaction.
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