JVM has taken on the task of renovating four apartment complexes in the suburbs of Cleveland.
The properties to be renovated by the Oak Brook-based multifamily real estate investment/property management firm are the 366-unit Royal Oaks Apartments in North Royalton, Ohio; the 300-unit Dover Farms Apartments in North Royalton; the 261-unit Butternut Ridge Apartments in North Olmsted, Ohio; and the 258-unit Hidden Lake Apartments in Stow, Ohio.
JVM is seeking to preemptively address demand in the areas by creating more desirable accommodations.
"Suburban Cleveland is one of JVM's established markets, and having a portfolio with the look and feel of new construction will better position us to optimize performance and returns there over the long-term," said JVM President and CEO Jay Madary.
Royal Oaks will include a bigger fitness center with updated equipment, a newly designed clubhouse and computer area with a high bar and pool table and a 24/7 package room. The apartments themselves will have new cabinets, countertops and appliances. Vinyl wood flooring, stain-resistant carpets, improved lighting and new plumbing fixtures are to be included as well.
The Dover Farms renovations will include an improved pool deck and an indoor garage with easy access to a larger clubhouse and improved fitness center featuring new equipment. The apartments will boast new kitchens, lighting, hardwood-style floors, new bathroom cabinets and new bathroom fixtures, as well as new hardware throughout.
The Butternut Ridge and Hidden Lake renovations will be comparable, though BR is to receive new windows and HL will have modern bike storage and tuning-up spaces, as well as a lakeside patio and fire pit.