CLEVELAND, Ohio /CitizenWire/ -- Affiliates of Hero Homes, have expanded its portfolio in the Cleveland, Ohio, metro area with the acquisition of the 27 unit Superior apartments in Cleveland Heights and 55 scattered site single family rental homes throughout the Cleveland Metro area. The 82 units will be added to its existing 36 homes already owned and operated in the Cleveland metro market. In these all-cash transactions, Hero Homes paid $6,219,419, equaling $75,000 per door, representing a 12.2%cap rate on current market rent.
The company believes the assets were purchased for less than 50% of their replacement value, representing a tangible value investment. Consequently, Hero Homes plans on buying an additional 1,000 homes in Ohio over the next 12 months.
The Ohio owner-operator has plans for renovation and repositioning of the assets.
"Cleveland is benefiting from new and expanding employers in the region and has emerged as one of the most affordable cities in the country," said Sayam Ibrahim, chief executive officer. "A lower cost of living, diversified economy, and proximity to destinations like Lake Erie and a robust downtown underpin future growth, and we're excited to expand our footprint in the metro with well-located, and well-maintained assets with plenty of upside potential."
The homes offer one-, two-, and three-bedroom layouts from 700 to over 2000 square feet. Interiors feature 9-foot ceilings, chef-style kitchens with stainless steel appliances, wood-style plank flooring, oversized closets, and plenty of sunlight. According to Hero Homes, upgraded countertops, kitchen backsplashes, and new cabinet faces will be added to each unit along with smart locks and thermostats, USB outlets, and upgraded plumbing and lighting fixtures.
Residents will have access to parks, dog walking areas, top Cleveland restaurants and plenty of shopping and entrainment.
Mr Ibrahim added, "We are excited about this new infill acquisitions in the Cleveland suburbs and look forward to working alongside the city and other property owners in the area to provide quality housing for local residents. We see significant value and potential in Cleveland and are in discussions to buy an additional 500 homes from various sellers in the coming months."
About Hero Homes:
Hero Homes was founded in 2011 by Mr Sayam Ibrahim, along with Sayam's brothers Amiel Ibrahim and Xavier Ibrahim and their partner Jonah Stevens. Since 2011, Hero Homes and its affiliates have purchased and renovated over 600 homes in Ohio with an emphasis on Columbus, Dayton, Lima and Urbana and now Cleveland representing over $65 million of value. Sayam Ibrahim's brother, Amiel, is a resident of Ohio and oversees all renovations of its assets while Xavier is based out of Florida and runs acquisitions for the company. Jonah Stevens heads their in house property management team. In 2022, The Ibrahim family partnered with Yaakov (Jack) Afik the largest developer on the island of Cyprus and founder of Caesar Resorts which has sold over 8,000 apartments in Cyprus and Anthony Pollak of Jupiter Florida and was later joined by U.S and international investors including: Michael Salkind, Joe Lubeck, Schloss Bros.L.P, Peter Friedman and Edwardo Link.
Learn more: https://www.herohomessolutions.com/
Learn More: https://www.herohomessolutions.com/
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