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433 Grant St., Akron, OH 44311
PROPERTY Stats
112
UNITS
1969/2011
Year Built/Reno
130,575
sF
PROPERTY OVERVIEW
Envision Apartments is a 112-unit community located in the University Park neighborhood of Akron, OH, within walking distance to The University of Akron. The property is also conveniently located minutes from area amenities including schools, major transportation arteries, dining, healthcare, and shopping venues such as ALDI and Save A Lot.
The property was built in 1969 and renovated with full upgrades in 2011. The extensive renovations included an update of the roofs, building mechanicals, unit kitchens, unit baths, and all other interior components. Prior to conversion to 100% affordability, the property served as student housing. A project-based voucher (PBV) contract was signed for 50 out of the 112 units in 2021 and additional agreements with the Akron Metropolitan Housing Authority have granted the property further PBV coverage over all remaining units. All PBV units are covered in tiered stages for 20 years with the earliest effective date of March 2021. The property’s recent transition away from student housing required vacancy of the units prior to conversion, which has stabilized upon the lease up of the latest units added to the PBV contract.
Envision Apartments offers one, two, and three bedroom apartments featuring open floorplans, well appointed kitchens with a full appliance package including gas stoves and granite countertops. Community amenities include an on-site leasing office, community room, on-site laundry facilities, and secure building access.
Property Completely Renovated in 2011
Former Student Housing Property that has Transitioned to 100% Affordability with a 20 Year PBV Contract
Great Location within Walking Distance to The University of Akron and Minutes from Area Amenities
Current Fortune 500 Companies Headquartered in the City Include Goodyear Tire and Rubber Company and FirstEnergy
Updated Units with Granite Countertops, New Flooring, and Gas Ranges
Strong AMI Growth in Summit County with a 16.46% Increase in 2023
INVESTMENT HIGHLIGHTS
KEVIN DILLON
Senior Managing Director
Multifamily
248.341.3309
kevin.dillon@berkadia.com
RYLEY LEWIS
Senior Financial Analyst
Affordable Housing
206.512.5567
ryley.lewis@berkadia.com
COREY KRUG
Senior Director
Multifamily
248.341.3338
corey.krug@berkadia.com
BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
Contacts and Office Locations
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© 2023 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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512 S Union Ave
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2620 Orchard Ave
433 Grant St., Akron, OH 44311
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
433 Grant St., Akron, OH 44311
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
JASON KRUG
Senior Managing Director
Multifamily
248.341.3344
jason.krug@berkadia.com
INVESTMENT ADVISORS
TIM LEONHARD
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
CHRIS CRUMP
Managing Director
504.322.1196
chris.crump@berkadia.com
MORTGAGE BANKING
Senior Director
Multifamily
248.341.3319
rick.brace@berkadia.com
RICK BRACE
Senior Financial Analyst
Affordable Housing
206.512.5567
ryley.lewis@berkadia.com
RYLEY LEWIS
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MIKE TERRY
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