JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced that renovations are underway at four of its apartment communities in suburban Cleveland.
The improvements, which include significant upgrades to both common areas and apartment homes, are taking place at the 366-unit Royal Oaks Apartments (North Royalton, Ohio), the 300-unit Dover Farms (North Royalton), the 261-unit Butternut Ridge (North Olmsted, Ohio) and the 258-unit Hidden Lake Apartments (Stow, Ohio). Reimagined clubhouses and other common-area upgrades have been completed, and improvements to the apartment homes are being phased in as residents move out.
JVM is implementing the renovations to make the already desirable communities stand out in a homogenous market that has seen relatively little new multifamily development in recent years. Only 700 apartment homes came online in the metro area in 2016, according to commercial real estate brokerage firm Marcus & Millichap. That number is expected to rise in 2017, but the new units will be primarily located in central Cleveland.
"The metro area's improving economy and growing job market are creating a real demand for state-of-the-art, highly amenitized communities in Cleveland's suburbs. Couple that demand with the lack of new development in the suburbs, and these strategic renovations will give our portfolio a competitive advantage over the surrounding aging housing stock," said Jay Madary, president and CEO of JVM. "Suburban Cleveland is one of JVM's established markets, and having a portfolio with the look and feel of new construction will better position us to optimize performance and returns there over the long-term."
Royal Oaks now features an expanded fitness center with all-new equipment, a 24/7 package room and a redesigned clubhouse with a computer area, high bar for social gatherings and pool table. The renovated apartments homes will include all-new cabinets, countertops and appliances; washed almond wood vinyl flooring and stain-resistant carpeting; fresh paint; new plumbing fixtures; and enhanced lighting.
The renovations at Dover Farms include new hallways, a resurfaced pool deck and a dramatic indoor garage door that leads from an expanded clubhouse into an expansive fitness club with all-new equipment. In the apartment homes, improvements will include new kitchens, hardware, lighting, hardwood-style flooring in all living areas, and new bathroom cabinets and fixtures.
Similar common-area and in-unit renovations are underway at Butternut Ridge and Hidden Lake. At Butternut Ridge, JVM is also installing new windows throughout the community. At Hidden Lake, the all-inclusive improvements include a state-of-the-art bike storage and tune-up room, lakeside patio and fire pit.
"Today's renter places a high priority on a robust amenity package," Madary said. "With these improvements, our suburban Cleveland communities are strongly positioned to appeal to renters now and well into the future, particularly millennials and members of Generation Z."
