Student-housing expansion percolating in University Circle

November 16, 2018

Student-housing expansion percolating in University Circle

CLEVELAND, Ohio -- After quietly buying up a stretch of Euclid Avenue, a local investor-developer group plans to bring more student apartments to University Circle.

Bluewater Capital Partners, LLC, expects to add a third building to a private, student-housing cluster on the north side of Euclid, between East 115th and East 116th streets. The $7.1 million project would round out the block, replacing a parking lot across from the Uptown development.

Real estate records show that a Bluewater affiliate bought the parking lot and the neighboring Euclid 115 and Euclid 116 apartment buildings in July, for an undisclosed price. The sellers were companies associated with Berusch Development Partners, which brought 65 student apartments to the site through a mix of renovation and new construction.

Bluewater plans to build 49 new apartments, some of them townhouse-style units, and to convert a student lounge in one of the existing buildings into housing. The combined project will hold 115 furnished units, with 235 beds, and a new lobby serving all three buildings. Early layouts presented to the Cleveland City Planning Commission on Friday also show 3,400 square feet of new retail space.

Russell Lamb, a Bluewater principal, said the existing apartments are full, with waiting lists. Bluewater, which developed for-sale townhouses on East 118th Street and is behind the Quattro condominiums in Little Italy, went after the Euclid Avenue sites because of strong demand for student housing and the opportunity to augment the work that Berusch did over the past five years.

The planning commission approved early designs for the new building Friday.

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