Historic Downtown Cleveland, OH High Rise Changes Hands

National Terminal Warehouse Apartments, 1215 West 10th Street, Downtown Cleveland, OH

CLEVELAND, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of National Terminal Warehouse Apartments, a 250-unit high rise located across the street from the Flats East Bank riverfront development in downtown Cleveland’s Warehouse District neighborhood. The terms of the sale were not disclosed.

Daniel  Burkons

             Daniel Burkons, Michael Barron and Josh Wintermute, all senior directors of Marcus & Millichap’s National Multi Housing Group in the firm’s Cleveland office, represented the seller, Housing Horizons, a division of Kimberly Clarke Corp. Barron, 

Burkons and Wintermute also represented the buyer, Morgan Warehouse Apartments LLC, an affiliate of Morgan Management of Rochester, N.Y.

            “The opportunity to acquire a first-generation downtown apartment building and bring it up to the level of the highest-end competition was enticing for investors,” says Burkons. “We solicited well-qualified offers from buyers in six states and Canada.”

            National Terminal Warehouse Apartments was built in 1909 as a cold storage warehouse and converted from a vacant cold storage warehouse to 250 multifamily units in 1997. It was the first large-scale warehouse conversion in downtown Cleveland and it started a wave of downtown redevelopment that is ongoing.

Michael Barron

“During the past 17 years, while other downtown apartments were being revitalized, this building fell behind,” says Barron. “The new owners did a fantastic job turning around the apartment building next door, The Bingham, and they are committed to returning National Terminal to prominence.”

The property is located at 1215 West 10th St. in Cleveland with views of Lake Erie and the Cuyahoga River. 

The $500 million Flats East Bank development project is across the street. Phase I of Flats East Bank features a 23-story office tower that opened in 2013, a fitness club, a 150-room Aloft hotel and some of Ohio’s most renowned restaurants. 

Phase II, which broke ground in January 2014, includes apartments, dining venues, retail space, green areas and a waterfront boardwalk. 

U.S. Route 2, the Cleveland Memorial Shoreway, provides the property with unparalleled freeway visibility to travelers coming into downtown Cleveland from

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716