Milestone Alert: GHC Crosses $150M AUM with Completion of 10th Multi-Family Acquisition

CLEVELAND, June. 8, 2023 -- Green Harvest Capital (GHC), a real estate private equity group based in Northeast Ohio (NEO), has recently crossed the $150 million AUM mark with the completion of their latest Class B/C multi-family acquisition in the Akron area. This is GHC’s 10th multi-family acquisition since its launch in mid-2019.

The acquired Akron area asset will be part of GHC’s South region and managed by GHC Living. The multi-family asset is in GHC’s backyard, near 450+ legacy GHC assets. GHC will spend $6,000,000+ to upgrade safety/security, common areas, and interior units among other items to improve the tenant experience, enhance the community, and improve the bottom-line.

Asset is located in the heart of Akron, Ohio near easy highway access (Routes 8 and 18), major healthcare employers (Summa Health System Main Campus, Cleveland Clinic Akron General, Akron Children’s Hospital), large HQs (Goodyear, Gojo, Signet Jewelers, FirstEnergy), higher learning institutions (University of Akron, Stark State College), Downtown Akron retail and activities (Akron Rubber Ducks minor league baseball team, Akron Symphony Orchestra, Akron Art Museum, Canal Park, Lock 3 Park), and drivable to Akron neighborhoods (Highland Square, Montrose) and Downtown Cleveland (40 minutes away).

The acquisition complements GHC’s broad multi-family portfolio (now comprised of 1,400+ units) consisting of assets in the western suburbs of Northeast Ohio, around Shaker Height’s popular Van Aken district, Akron’s trendy Highland Square neighborhood and the lakefront city of Euclid.

GHC Principal Bhavin Patel said, “The acquired asset is in the heart of Akron and a generational real estate complex for those in Akron. We are thrilled to acquire such a historical property. We have a detailed capital improvement plan in place to convert the asset into a strong Class B / C asset that can be remembered for generations to come.”

GHC Principal Mike Smith said, “Bhavin and I live in the Greater Akron area and truly believe in the resurgence of the city. The Greater Akron Chamber, city of Akron, and Summit County are all focused on incentivizing businesses and employers to aid in the resurgence. We are thrilled to be a part of it and are excited to bring an affordable market rate product to the community.”

Green Harvest Capital would like to thank key partners who helped this project cross the finish line, including Nathan Felker, Ted Motheral, Simon Demian, Shannon Telling, and Lindsay Svetlak from Walter Haverfield, Brian Stulak and Jim Klosz from Marcus & Millichap Capital Corporation, John Mark Tichar from Oswald, and Michael Barron, Dan Burkons, and Josh Wintermute from IPA.

GHC strives to provide a better product for tenants, improve the community where our properties are located, and provide a fair and balanced return for our partners. To discuss opportunities to work, partner and/or invest with GHC, please contact B Patel and/or Michael Smith. www.ghc-lp.com.