CLEVELAND — Chicago-based Evergreen Real Estate Group announced it acquired Carter Manor Apartments in Downtown Cleveland with plans to modernize the 270-unit apartment building that primarily serves as affordable housing for seniors and individuals with disabilities.
“Carter Manor is a natural addition to our growing portfolio of affordable and mixed-income housing communities, and I couldn’t think of a better way to enter the Cleveland market than by preserving this historic property,” said Kevin Beard, director of acquisitions for Evergreen Real Estate Group, which assumed management of the community following the acquisition. “Our substantial investment in the building will benefit existing residents and ensure Carter Manor continues to serve the greater Cleveland community for years to come.”
Located at 1012 East Prospect Avenue, the 11-story building has a rich history. Designed by architect Max Dunning, the building opened as the luxurious 600-key Hotel Winton. The hotel’s claim to fame is its connection to Ettore Boiardi, better known as Chef Boyardee, who was the hotel’s head chef at the time.
Following a fire in 1971, the 11-story property was redeveloped as an apartment building following a fire.
The 33 studios, 209 one-bedroom and 28 two-bedroom apartments will all be preserved as affordable housing for seniors and disabled adults through an $18 million capital improvement project. The building’s facade is subject to a Historic Conservation Easement granted by Cleveland’s historic Gateway Neighborhood and Historic Warehouse District.
In addition to the affordable apartments, Carter Manor will have Domino’s Pizza, Liberty Labor and Guardian Title and Guaranty Agency on the ground level.
All apartments will be renovated with new kitchens, bathrooms and flooring. Fourteen units will receive accessibility upgrades. Also included in the project will are plans to modernize the building’s elevators, repair the facade, underground parking garage and roof replacement.
“We have big plans for Carter Manor that will bring a new level of safety and comfort to residents,” said Andre Pintauro, president of Evergreen Construction Company. “Our experience with in-place renovations will minimize disruption to residents and commercial tenants, and our affiliation with ownership allows us to leverage efficiencies as we work toward a target completion date of December 2022.”
Evergreen Real Estate Group financed Carter Manor by using low-income housing credits syndicated by CREA LLC.
Construction led by Evergreen Construction Company, an affiliate of the real estate group, will begin in June. Both residential and commercial tenants will remain in place during the redevelopment.
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