Evergreen Real Estate Group has acquired the Carter Manor Apartments in downtown Cleveland with plans to update the 270-unit building through an $18 million capital improvement program.
The Chicago-based firm will save the building’s historic façade and restore other original design elements while preserving the apartments as affordable housing for seniors and individuals with disabilities.
“Carter Manor is a natural addition to our growing portfolio of affordable and mixed-income housing communities, and I couldn’t think of a better way to enter the Cleveland market than by preserving this historic property,” said Kevin Beard, director of acquisitions for Evergreen Real Estate Group, which assumed management of the community following the acquisition. “Our substantial investment in the building will benefit existing residents and ensure Carter Manor continues to serve the greater Cleveland community for years to come.”
Designed by architect Max Dunning, the building opened in 1917 as the luxurious 600-key Hotel Winton. The hotel’s greatest claim to fame was its head chef, Ettore Boiardi, better known as Chef Boyardee.
The property was redeveloped as an apartment building following a 1971 fire. The building’s façade is subject to a historic conservation easement granted by Cleveland’s Historic Gateway Neighborhood Corp. and Historic Warehouse District.
In addition to the affordable apartments, Carter Manor has three commercial tenants on the ground floor: Domino’s Pizza, Liberty Labor, and Guardian Title and Guaranty Agency.
Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation, with construction set to begin in June. Both residential and commercial tenants will remain in place during the redevelopment.
All apartments will be improved with refreshed kitchens, bathrooms, and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three of the building’s elevators, repair the façade and underground parking garage, replace the roof, and update major mechanical systems. Common area renovations include the addition of a community kitchen and new paint and flooring in the corridors.
The acquisition and renovation of Carter Manor was financed using low-income housing tax credits syndicated by CREA, predevelopment financing from Local Initiatives Support Corp., a bridge loan from Huntington National Bank, and construction financing provided by KeyBank and Freddie Mac.
