JLL Capital Markets announced today that it has been engaged by Playhouse Square Foundation to exclusively market for sale The Lumen, a 318-unit, Class A, high-rise multi-housing building in downtown Cleveland, Ohio with anticipated pricing of $500,000 per unit.
The Lumen was developed in partnership with Hines, a global real estate development firm founded in 1957 with presence in 255 cities and 27 countries and known for their high-quality, uber core projects across the globe.
Built in 2020, the property consists of one-, two- and three-bedroom units featuring stainless steel appliances, quartz kitchen countertops, high-gloss cabinetry, gas range, floor-to-ceiling windows, spacious closets and full-size washers and dryers. The community amenities include collaborative workstations, bike storage and repair station, electric car charging stations, an outdoor terrace and heated pool, a community dining area, a rooftop lounge, a state-of-the-art fitness center and a yoga studio.
Located at 1600 Euclid Ave., The Lumen is offers easy highway accessibility with a four-minute drive to I-90 and a five-minute drive to I-71. The property is proximate to more than 20 colleges and universities, including Case Western Reserve University, John Carroll University, Kent State University, The University of Akron and Cleveland State, as well as industry-leading healthcare, such as Cleveland Clinic, University Hospitals and Metro Health. Residents of The Lumen have numerous opportunities for nearby employment from the 20 Fortune 1,000 companies and over 600 international firms within northeast Ohio. Tower City Center, Steelyard Commons and Ridge Park Square provide residents retail options that are less than a ten-minute drive from the property. Additionally, the property is within close distance to the art experiences in the Playhouse Square District, professional sporting events, the 300 miles of outdoor park trails, the 23,700 acres preserved for parks and recreation and several beaches on Lake Erie.
The JLL Capital Markets Investment Sales Advisory team representing the seller is being led by Executive Managing Director Matthew Lawton, Managing Director Mark Stern, Managing Director David Gaines and Analyst Franklin Eruo.
“The Lumen is one of the finest multi-housing communities I have seen in my career.” said Lawton. “With its spectacular execution, the property transcends the Cleveland marketplace.”
