Ohio Apartment Market on the Rebound

As is common in the real estate industry, when there is a slowdown in the home sales market, the apartment market speeds up and occupancy rates climb. Crain’s Cleveland Business, for the week of April 7-13, 2008, published an article by Stan Bullard titled “Rebound in apartment market lures developers.” In his article, Mr. Bullard highlights the entry of Indianapolis builder, Flaherty & Collins Properties, into the Westlake market, the move by the developers of Crocker Park in Westlake to build additional rental apartments, and plans by Harsax Inc. of Middleburg Heights to construct an apartment community in Medina County. These three projects are representative of other projects that area developers are pursuing in Northeast Ohio. As noted by Mr. Bullard:

"Other new apartment communities also are under development in Northeast Ohio by developers who have remained active in rental projects through the years. Those projects, from Wadsworth to Solon, are by developers such as Richland Communities Ltd. of Middleburg Heights, Goldberg Cos. of Beachwood and Gross Buildings of North Royalton."

For more information, check out Mr. Bullard’s article in Crain’s Cleveland Business

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