Cleveland — Asset Campus Housing has purchased the 140-dorm facility and YMCA in Cleveland’s downtown campus district for $4.5 million.
Euclid Avenue Development Corp. sold the facility, built in 1912, after purchasing it in 2009 to eliminate a troubled loan. Asset Campus will convert the facility into private student housing. Newmark Grubb Knight Frank represented the seller in the transaction.
The 152,390-square-foot, nine-story building is situated on three acres, and includes 175 parking spaces and has been the longtime home of the Downtown Cleveland YMCA, which will relocate in March 2016.
Asset has renamed Heritage Hall as The Domain at Cleveland and plans to revamp the property with a clubhouse featuring group fitness classes, a computer lab with dedicated study rooms and a resident lounge with free coffee. The studio, one-bedroom and two-bedroom units will be renovated with new appliances, cabinets and countertops in the kitchenettes, upgraded bathrooms and new A/C and heating systems. The company is leasing apartments for the fall 2015 academic year.