IPA Brokers $40M Sale of Apartment Building in Downtown Cleveland
CLEVELAND — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Statler Arms in downtown Cleveland for $40 million. The 295-unit apartment building is located on the corner of East 12th Street and Euclid Avenue in the Theater District. The property was originally built in 1912 as the 700-room Statler Hotel. The building was then expanded in the 1930s, became an office building in the 1980s and was converted into apartments in 2000. Michael Barron, Joshua Wintermute and Daniel Burkons of IPA represented the buyer. According to The Plain Dealer, Millennia Cos. purchased the building from an affiliate of the California State Teachers’ Retirement System.