A not-for-profit affiliate of Cleveland State University has sold Heritage Hall to Houston-based Asset Plus Companies, Inc., the largest privately owned student-housing company in the nation, for $4.5 million.
Newmark Grubb Knight Frank represented the seller, Euclid Avenue Development Corp, in the transaction.
The new owner plans to convert the 140-dorm facility and YMCA into modern, private student housing.
The 152,390-square-foot Heritage Hall was built in 1912, and is located at 2200 Prospect Ave. in Cleveland’s downtown campus district. The nine-story building sits on three acres, includes 175 parking spaces and has been the longtimehome of the Downtown Cleveland YMCA, which will relocate in March of 2016.
Richard Sheehan, Terry Coyne and Michael Plaspohl with Newmark Grubb Knight Frank represented the seller and secured the buyer in this transaction.
Asset Plus, which owns a portfolio of more than 120 student-housing properties in 30 states, has renamed Heritage Hall as The Domain at Cleveland, and plans to revamp the property.
