LOCATION: Akron, OH
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 buildings 10 and 17 on the campus of Canal Place in Akron, Ohio. The rehab of the two buildings with respect to the multi-family apartments began in February 2021 and will leverage the existing 38 acre Canal Place infrastructure to create a vibrant 24-hour neighborhood.
The residences within the Canal Place campus are known as the Goodrich and opened in Spring 2022. The Goodrich encompasses 300,000 square feet and includes 139 newly constructed high-end 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 campus 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.