Cypress Ventures Group
Closes West Akron / Fairlawn Deal
June 2024 – Cypress Ventures Group announces our latest acquisition – closing on an 81-unit deal in the West Akron and Fairlawn Ohio areas. This is our fourth acquisition since our founding in 2019. The 81 units represent our method to purchase value-add assets that includes apartments and self-storage located in Summit County Ohio and Northeast Ohio in general.
The properties were owned by an out of state owner and was brought to us before it hit the market in what’s known as an off-market deal. CVG has already started to rebrand the property to bring a fresh look to the property. We’re already busy with landscaping and common area upgrades. We plan to upgrade at least to dozen units to start. As units become vacant, we will upgrade those as well. Upgrades will vary based on the unit condition.
Buying the two site bundle with five buildings in Akron and 18 units in Fairlawn fit right in our wheelhouse. The Akron location adds 63 one and two bedroom units while the Farilawn site has 8 one beds and 10 three-bedroom townhouses. Most of the units provide quality workforce housing for most of the units. The three-bedroom townhomes in Fairlawn have 1400 s/f and will be enough space for families to spread out. The Fairlawn location is in the Copley-Fairlawn School District, which has an overall four star rating by the State of Ohio.
Both locations are close to shopping and minutes from Summit Mall in Fairlawn and downtown Akron and they are both a few minutes to the freeway. As we outlined in our online presentation (contact us for the link) to investors, the rents from the previous owner in many cases was upside down – 2 bedrooms less than 1 bedrooms and townhouses severely below the Fairlawn market.
We appreciate our partners, staff and investors for their confidence and leadership. Special thanks to Adam Vincent, of Vincent Esquire LTD, Charlie Gagliano from the Marcus & Millichap team, our finance wizards, Chris Litzler and Jamie Litzler and finally, Jamie Taylor at Unified Bank who made the finance process seamless.
More photos below from Market Street in Akron and S. Miller Rd. in Fairlawn.
For more info and to find out how to invest with us, please email: info@cypressventuresgroup.com
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