Introduction

Orris Apartments is newly built luxury apartment community situated in one of the most affluent suburbs in the Cleveland MSA.RHM Real Estate Group was approached by a local firm to be a co-developer of the project and has subsequently partnered with that group on several other development opportunities in the Cleveland MSA. RHM worked closely with its strategic partner, providing design assistance, underwriting, comp studies and capital formation services for the benefit of the partnership. Despite being zoned for multifamily by-right, the development partners worked closely with one another to secure necessary approvals, with groundbreaking on Phase I commencing in Fall ’22. Phase II is projected to commence in Fall ’23.

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Services

Co Developer
Property Management & Operations
Advanced Data Analytics
Financial Planning and Analysis
Marketing
Due Diligence & Market Research
Lease Up

The Challenges

The first proposed apartment community within the last 8+ years.
Lack of comparable properties to justify top-of-market rents.
Amenity programming in a phased development (54 units + 42 Units).
Quick land closings needed prior to securing necessary entitlements.

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Our Solution

Comprehensive review of regional (vs. micro market) competition and a demographic analysis to project likely rental rates.
Worked closely with architect to efficiently program communal areas to future use in a limited footprint.
Leveraged internal capital to quickly close on the land.

The Results

Phase I commencing in Fall ’22 and Phase II commencing in Summer ’24.
Positive working relationship with co-developer has resulted in two additional projects in 12-month period, with more to come.
Excellent relationship with local officials has resulted in additional development opportunities within the city.