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Two big downtown Cleveland apartment buildings change hands

Two big downtown Cleveland apartment buildings change hands
Written by publishing team

Town Management, a Chicago real estate owner and manager, is the new owner of the downtown Cleveland Bingham and Archer buildings after purchasing $100 million of a total of 687 suites.

Sales of Morgan Affiliates of King of Prussia, Pennsylvania, registered on Tuesday, Jan. 4, appear in Cuyahoga County’s online property records but do not display sale prices. The identity of the new owner is marked with a new address for property tax bills, which go to the company’s city office. The deeds and other documents associated with the transaction were not visible in county records by 2 p.m. Thursday, January 6, as they were likely still being processed for digital imaging.

Town Management owns more than 5,000 apartments in multiple states. It is currently focused on residential real estate, after 50 years of operation as a commercial real estate facility, according to its website. In the past, it has been involved in other types of real estate as well, including condominium conversion and hotel management.

Insiders say the seller made a price in the vicinity of a whisper price tag for the offer, about $110 million. However, Dan Burkons, executive managing director of the Cleveland office of Marcus and Millisap, declined to comment on the sale price or confirm the identity of the buyer after an extensive national marketing effort to sell the properties.

When the properties came on the market, Borkins said in an interview in October that Morgan put it up for sale to test the market rather than simply refinance 10-year mortgages on properties when due.

The sale terminated a long-term contract for Morgan’s Downtown Real Estate. Paid $40 million in 2010 for Bingham, 339 units at 1278 West Ninth Street, $15.5 million in 2014 for what were then National Terminals, 248 suites at 1,200 West 10. Morgan made a significant repositioning at National terminals that included an upgrade units and change their name to The Archer.

Cuyahoga County gives Bingham a market value of $36 million for property tax purposes. Archer has a market value of $22 million.

Bingham and The Archer are already appearing on Town Management’s website, among her other properties.

The city is not new to Northeast Ohio. It acquired Deer Run Apartments, a large apartment complex in Twinsburg, at an undisclosed price in 2019.

Town Management’s managing director, Larry Rubin, did not return three calls from Crain’s Cleveland Business about real estate. The company also did not respond to an email via its website.

The Burkons marketed popular loft properties with two fellow Realtors Marcus & Millichap, Michael Barron and Josh Wintermott.

Both buildings are old warehouses converted into apartments in the early 2000s, when these were deals for daring pioneering developers.

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