Ownership of Avenue Tower changes hands
August 13, 2012 by Mark
Ownership of Avenue Tower, located at 1211 East St. Clair Avenue in Cleveland’s Avenue District, just northwest of Fairview Park, has recently switched hands and will be placed on the market as upscale apartments instead of condo units. Fifty-seven condo units in the building sold on Tuesday, July 31 for $6.9 million to new owners.
The property will be managed by Zaremba Management in Fairview Park. Zaremba Management owns approximately 4,000 apartment units and suites across the state, primarily in Northeast Ohio. The company also owns a number of mini warehouse properties and offices. Timothy Zaremba, owner of Zaremba Management, is the brother of Nathan Zaremba, developer of the Avenue District. Nathan’s company will furnish the incomplete units located in the building and will have a retail space located on the first floor of Avenue Tower.
When new owners take over operations and make renovations to an existing business, business card printing and stationery printing may be needed from local printing companies to make necessary changes to company advertising and communication documents. Additionally, brochure printers may be used by apartment leasers, such as the owners of Avenue Tower, to advertise the changes that have been made to the structure and provide possible tenants with information about the suites.
The new owners of the building are Fred Geis, who helps operate Geis Cos. With his brother Greg in Streetsboro, and Anthony Panzica, who is CEO for Panzica Construction located in Mayfield Village. Zaremba Management vice president, Jennifer Leinweber Ritz, stated that some of the units should be occupied as early as this month. Prices of the upscale apartments located in Avenue Tower run from $1,219 a month for units measuring 905 to 2,400 square feet to $2,619 a month for penthouse suites.