Institutional Property Advisors, a division of Marcus & Millichap, recently closed the sale of Statler Arms, a 295-unit apartment building in downtown Cleveland. The property sold for $40 million.
Michael Barron, Joshua Wintermute and Daniel Burkons of Institutional Property Advisors represented the buyer, a local private client. The seller is a Philadelphia-based institutional client.
The historic building is located on the corner of East 12th Street and Euclid Avenue in Cleveland’s Theater District. Public transportation, the Cleveland Clinic, Case Western University and Cleveland State University are nearby.
Built in 1912 as the 700-room Statler Hotel, the property was enlarged in the 1930s, became an office building in the 1980s and was converted to apartments in 2000.