LOCATION: Akron, OH
TYPE: Mixed-Use Development
Kaulig Capital, in partnership with Osborne Capital Group and Covington Group, led the financing for the acquisition and rehabilitation of mixed-use office space and multi-family apartments at Canal Place in Akron, Ohio. The rehab of the property with respect to the multi-family apartments began in February 2021 and will leverage the existing Canal Place infrastructure to create a vibrant 24-hour neighborhood.
This Canal Place project encompasses 300,000 square feet and will include 139 newly constructed apartment units as well as 163,000 square feet of office space. Current existing commercial tenants include Spectrum and Old Republic Title. Existing amenities within the Canal Place footprint include breweries, a fitness center, volleyball courts and accessible parking lots. The development team believes the intersection of these elements will create a strong market for the Canal Place apartments among residents looking for dynamic housing options in the downtown area. Akron’s downtown apartment occupancy is more than 90% with modest new supply being added to the downtown area.
“As you know, we are committed to Akron. We believe in investing in your own backyard,” said Tim Clepper, President of Kaulig Capital. “What goes around comes around.”
Collectively, Kaulig Capital, Osborne Capital Group and Covington Group are an experienced development team with a history of financially successful real estate ventures. The team has strong relationships with nearby housing demand generators, such as the University of Akron and Akron Children’s Hospital.
The Canal Place project is located at 530-540 S. Main Street in Akron, OH.