Michael Towers
Multifamily | 48 Units
Marketing description
Cushman & Wakefield | CRESCO Real Estate is pleased to present this Offering Memorandum for Michael Towers, a 48-unit multifamily property located at 12050 Lake Avenue in Lakewood, Ohio.
Situated in the highly desirable Gold Coast area—one of the most sought-after residential locations in the Cleveland market—the property benefits from premier physical advantages, including unobstructed Lake and City views. This prestigious positioning not only anchors the asset but also drives year-round rental demand from tenants seeking premium waterfront living with immediate access to local amenities.
The unit mix includes 1-bedroom, 2-bedroom, and 3-bedroom layouts averaging 799 square feet, complemented by on-site parking, storage, and pet-friendly amenities.
Investment highlights
- Situated in the highly desirable Gold Coast neighborhood—widely considered one of the most sought-after places to live in the greater Cleveland area. The property offers residents sweeping, unobstructed views of both Lake Erie and the Downtown Cleveland skyline.
- Located in the heart of Lakewood, a premier and vibrant city known for its exceptional quality of life, distinct neighborhoods, and strong local economy. Its highly rated amenities and walkability make it a top-tier, high-demand destination for renters.
- A significant value-add opportunity exists to increase the Year 1 Pro Forma by bringing rents up to Goldcoast market level rents.
- The property offers a direct 6-mile commute to Downtown Cleveland and is just 4.5 miles from Cleveland Clinic Fairview Hospital, a major regional employer.
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