Statler Arms Apartments in downtown Cleveland can expect a facelift from its new owner, Millennia Cos., which bought the property for $40 million.
The purchase is part of a $53 million plan by Millennia CEO Frank Sinito to renovate and redevelop the 295-unit apartment building in the Theater District into a higher-end property to target millennials, a generation that favors downtown living. Miami-based GenX Capital said it provided $9 million in joint venture equity as part of the deal.
“No question, it's still a heavy lift if you will, procuring equity financing for downtown Cleveland projects,” GenX Capital Partners Managing Partner Mark McClure said in a statement, “but [we have] access to equity partners not many developers are aware of and sort of fly under the radar, not to mention Millennia and its CEO Frank Sinito are A+, high-quality sponsors, so that was helpful."
This is the latest in a series of downtown deals for Sinito, who is investing nearly $300 million into the acquisition and renovation of Key Tower and the adjoining Marriott. He previously acquired the Garfield Building and 75 Public Square. The building previously was owned by a California pension fund.
