NexGen NewsDay V6
Billionaire Chooses Wide Range of Cleveland Properties as Top Investments
If there’s one thing Quicken Loan’s Owner Dan Gilbert probably understands, that is smart investment options. Gilbert’s Flagship company lends money to investors every day through a variety of companies.
But when it comes to investing his own money, where do you think Dan Gilbert is planting his Flag? The answer is Cleveland.
In the roughly the past five months Mr. Gilbert’s real estate investment company, Bedrock Real Estate Services, has made several moves that will solidify him as being a major stakeholder and beneficiary in the continued resurgence of the Northeastern Ohio Market. In 2015 Gilbert purchased the majority stake in the Horseshoe Casio from Caesars’. Soon after he purchased the building that holds the casino and has in the plans a continual overhaul of the property to make it a world class destination.
At the end of February 2016 Bedrock purchased the Ritz Carlton Hotel building which is nearby the casino complex, as well as another adjoining office building to further enhance their Cleveland holdings.
This move makes Gilbert’s company the major property holder for the few blocks around center of Downtown Cleveland. It should also be mentioned that Gilbert also owns the city’s Basketball franchise The Cleveland Cavaliers and the building they play in (known as Quicken Loans Arena).
Like a player in Monopoly working to control a block of properties Bedrock Real Estate announced still another purchase in the core area they have been interested in. This time the purchase is shopping related as the company buys the Tower City shopping complex which lies adjacent to their existing hotel and office properties and a stone’s throw away from their sports and casino investments.
The overall message Gilbert and his companies are sending is that for them, Cleveland is a super solid investment for now and in the future. NexGen Invest provides smaller scale investment opportunities in this market and you’re invited to learn more about what is available.
Republican Convention Drives Demand for Living Space in Cleveland
The Republican National Convention and Cleveland’s response to the increased demand the event will include has delivered the city into the national headlines, for all good reasons, on a regular basis. If you would visit the city today, less than four months ahead of the convention, you would see the type of chaos that is evident before a big rock concert or trade show. Equipment moving, greenery being planted, displays being updated and an overall fluff-up that will show the city in the best way possible.
Tourism to the city has increased by a couple million per year since the event announcement and the city is expected to reach a new record for outside visitors in 2016. This momentum has helped the city into one of its most prosperous times in recent history. This is evidenced in the significant rental prices being asked for certain homes located near the downtown area. Landlords of premium homes in the right location are asking $20,000-$40,000 for the week. While not many renters are willing to go so high the figures do indicate positive news for anyone with space to rent during the upcoming convention.
As the historic significance of the convention begins to rise, the rush to visit the city and see what is going on will only increase.
With apartment space nearing 95% occupancy in the downtown area people looking for a rental home for a week or for a year are seeing a competitive marketplace. This is good news for investors in the city. Best of all investing in Cleveland is a good value. The City ranks 36th in large city home affordability by Wallethub in 2015.
.It is hoped that long after the Republican Convention is gone and the debris cleaned up, Cleveland will continue its economic rebound. All signs lead to this being the case.
University Heights Shopping Area Set For Transformation
Cleveland’s near-eastern suburbs benefit from all the main city downtown has to offer. But everyone likes shopping that is even closer than a 15 minute drive so when it was announced that new owners had purchased the University Square shopping center hopes for a better shopping experience were renewed.
University Square, a relatively new development, is set for a significant redevelopment by a division of Minneapolis-based UMB Corp., the property’s new owner. Currently the complex has struggled and the city has seen small retailers exist while the cornerstone Target and Macys are still intact.
Various potential investors have drawn up varying plans for integrating apartments or condominiums into the shopping complex to make it a living/shopping environment. While not exactly like the popular town square concepts being developed with most new shopping complexes, this living shopping environment follows a similar model.
While no plans are firm a representative from the current controlling firm UMP remarked “ everyone wants to be a good steward to this corner. We want to see as serious and worthwhile group that is committed to making a go of this property. For the short term the process is going through courts so that ownership can be changed, but the bottom line is that plenty of savvy investors recognize the value of investing in this area.
NexGen Invest has access to investment properties in this area that would make great rental prospects. With large scale investors willing to put their money in this market it follows that smaller investors can capitalize on the region as well.
This Month’s Featured Properties
Each newsletter issue we highlight special investment property values. These are just a few of the many options available and we encourage you to call us to discuss your financial goals so we can pick the perfect property investment for you.
1. 15408 Northwood Ave Maple Heights, OH
Solid investment home in a true bedroom community, yet just minutes from top big city amenities. Occupants can walk to schools and shopping. There is also a lot of small manufacturing business in the general area which provides plenty of job opportunities. This cape cod design is one of the nicer designs on the street. Bright, open floor plan. Spacious kitchen w/ Lots Of cabinets and corian countertop., Hardwood floors with central air conditioning. Sliders to private deck & comfortable back yard. Huge dormer bedroom plus rec room in basement w/glass block windows. Two car garage. We will be renovating the rest of the house to bring it back to “like new” condition. Renovation will include new kitchen with granite, new bathrooms, finished basement, electrical, plumbing and more!
2. 951 Rushleigh Cleveland Heights
Ideal location for working downtown or in University Circle. Just minutes from museums, shopping and entertainment. Plenty of options for the light and bright, move in ready, home. Most all rooms have hardwood flooring. Lots of detail work in the general makeup of the house including things like crown molding and arched room transitions. Kitchen has been updated and includes tile back spash and recessed lights in ceiling. First floor family room. Upstairs the master bedroom has an outdoor balcony that overlooks the back yard. Additional bedrooms & updated full bathroom Finish. Great additional space is found on the finished third floor. The lower level has a finished rec room & full bath.Laundry & storage space also on the lower level. Nice Backyard, w/ Partial Privacy Fence! Two Car Garage! We will be renovating the rest of the house to bring it back to “like new” condition. Renovation will include new kitchen with granite, new bathrooms, finished basement, electrical, plumbing and more!
3. 4229 Harwood
3 bedroom, one and a half bath Bungalow on a quite street. There are hardwood floors through out, plenty of windows for natural light and a garage and basement with plenty of storage. This 1,590 square foot house sits on a 4,722 square foot lot and features 4 bedrooms and 1.5 bathrooms. This property was built in 1954. Nearby schools include Rowland Elementary School, Regina High School and Greenview Upper Elementary School. The closest grocery stores are J & M Mart, J & M Mart and Walmart Supercenter. Nearby coffee shops include Sanctuary on Green, Dunkin’ Donuts and South Euclid Cafe. Nearby restaurants include Penn Station East Coast Subs, Battiste & Dupree Cajun Grill and Nevaeh Cafe & Catering. 4229 Harwood Rd is near Notre Dame College of Ohio. We will be renovating the rest of the house to bring it back to “like new” condition. Renovation will include new kitchen with granite, new bathrooms, finished basement, electrical, plumbing and more!
At NexGen Invest, we’re committed to helping you succeed in real estate investment, while minimizing the typical risks and hassles. We are a team of seasoned real estate professionals with very diverse backgrounds. We’ve earned widespread recognition in the real estate specialties of construction, property management, and renovation.
Leveraging our well-rounded experience and expertise, we have created a powerful model that allows any investor, whether a novice or a seasoned pro, to create passive income wealth in the real estate market. We strive to deliver fully renovated, income producing, and professionally managed property to investors all over the world. Ready to build a stable and prosperous portfolio? Click on Investment Goals and Strategy to learn more.
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