Reynolds Asset Management Acquires Two Cleveland Apartment Communities for $30.6M

CLEVELAND — Reynolds Asset Management has acquired Park Lamont and The Lumos in the heart of Cleveland’s University Circle for $30.6 million. The acquisition adds 119 newly constructed units to Reynolds’ portfolio. Reynolds completed the transaction in partnership with The Slabotsky Family Office, marking its third joint venture. Rob Starrett and Steve Jones of Berkadia brokered the sale, while Suzanne Hamilton of ERIEBANK originated financing. Park Lamont and The Lumos were built in 2024 and feature fitness centers and multiple clubrooms. The buildings offer a mix of studio, one- and two-bedroom units as well as three-story townhomes with private rooftop decks and attached garages.