The 15 apartment buildings near Shaker Square in Cleveland, formerly known as the Steiner properties, have been acquired by Elevate Shaker Square LLC, a local company. This move is expected to revitalize the deteriorating apartments, which had been under out-of-town ownership.

Background

The apartment buildings, which contain 308 units, had been owned by Hatz One LLC and Hatz Two LLC, Brooklyn, New York-based real estate investment companies. However, the properties fell into disrepair, with only about 30 units currently occupied. The city of Cleveland and community groups had been pushing for local, responsible ownership to take over the properties.

Aaron Steinfeld, founder of Milton Property Management, which is part of Elevate Shaker Square LLC, stated that the company is still getting familiar with the portfolio and working closely with the city to ensure a smooth transition. The city is working with Elevate Shaker Square to ensure that improvements are made to the properties.

Community Involvement

The Morelands Group, an organization focused on preserving and advocating for the Shaker Square apartment corridor, has been in contact with Elevate Shaker Square LLC. Jay Westbrook, who heads code enforcement for the group, expressed appreciation for the company’s commitment to keeping rents affordable. However, he also noted that Milton Property Management’s experience has primarily been with one- and two-family rentals, and not multifamily housing.

The Morelands Group intends to continue lobbying until the units are returned to viability. They have told Elevate Shaker Square that they want to work with the company as part of a community partnership to achieve this goal.

Original reporting: Signal Cleveland — read the source article.