The Coral Company

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1900 Euclid Avenue Lofts Case Study

CHALLENGE: Following a complete building renovation and expansion into 83 loft-style apartments. 1900 Euclid Lofts, located across Euclid Avenue from Cleveland State University, slipped to 30% occupancy and into foreclosure. The Coral Company was named the court appointed receiver. To be a competitive asset, 1900 Euclid Lofts desperately needed a comprehensive management, marketing, & leasing plan.

SOLUTION: Coral immediately implemented property management disciplines to stabilize the asset. After studying the residential market around Cleveland State University, assessing the competitive properties, and meeting with University officials regarding the school’s housing policies and needs, Coral acquired the property in 2008 through the foreclosure process and implemented new marketing and leasing strategies. With proper staffing, management controls, and creative and aggressive leasing programs, 1900 Euclid Lofts achieved 95% occupancy within 6 months of acquisition and has remained at or above 95% ever since, delivering exceptional investment returns throughout.