- Street: 26151 Lakeshore Blvd.
- City: Euclid
- State: Ohio
- Country: United States
- Zip/Postal Code: 44132
- Listed: July 28, 2020 2:16 pm
- Expires: 347 days, 20 hours
Colliers International in Cleveland is pleased to announce the listing of the iconic Vista Apartments (26151 Lake Shore Blvd, Euclid) for sale. Gary R. Cooper, CCIM, JD, Senior Vice President & Principal, and Anthony DeMarco, Vice President, with Colliers International are marketing the 949-unit property for sale on behalf of the court appointed Receiver.
“This opportunity isn’t for the faint-hearted, inexperienced, or under-capitalized investor. However, for those with the vision, courage, and equity it represents an opportunity to buy an irreplaceable asset at a fraction of its replacement cost as well as potential market value,” said Cooper.
The Vista Apartments is an impressive 949-unit waterfront property, located on Lake Shore Boulevard in Euclid, Ohio. Built in the early 1970’s, the 764,492-square-foot Vista Apartments offers an excellent unit mix consisting of one, two and three units as well as penthouses. Once the Crown Jewel of Carl Milstein’s (Associated Estates Corp.) lakefront communities, the property originally known as The Watergate, has fallen on hard times. However, with the resurgence of Euclid and the Cleveland apartment market comes the ‘once in a generation opportunity’ to lead the rebirth of an Icon.
DeMarco added, “In most cases, unit count in a market is required for economies of scale. The Vista Apartments at 949 Units will certainly be of interest to parties already in the Northeastern Ohio market but also the perfect opportunity for those that want to enter the market with the proper scale”
Cooper, who heads up Colliers | Cooper Multifamily Services Team, said that “Cleveland is making a name for itself in the multifamily market” since Secondary markets are poised to handle the economic downturn and political upheaval better than Gateway or Primary markets.
For additional information about The Vista Apartments, contact Gary Cooper at +1-216-242-1200 or Anthony DeMarco at +1 313-590-4068.
For additional information about Colliers International in Cleveland-Akron, visit https://www2.colliers.com/en/United-States/Cities/Cleveland
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter or LinkedIn.