Cleveland 3-Pack Portfolio

Executive summary

BWE Investment Sales LLC (BWE) is pleased to present the exclusive opportunity to acquire Foster Pointe Apartments, Cornerstone Senior Apartments, and Residences at Cornerstone — a three-property, 187-unit affordable housing portfolio in Cleveland, Ohio, offered individually or together. Foster Pointe (61 units) and Cornerstone Senior (50 units) are post-Year 15 LIHTC age-restricted senior communities operating at 98% occupancy. Residences at Cornerstone is a 97% occupied family LIHTC property in which a buyer will acquire the General Partner interest — the controlling entity entitled to ~ 90% of distributable cash flow.

Cornerstone Senior and Residences at Cornerstone operate as Phase I and Phase II of a two-phase community in East Cleveland, each with its own leasing office, amenities, and regulatory structure, while sharing a common parking lot. The proximity and shared infrastructure of the two phases — combined with Foster Pointe’s location within 20 minutes — create a meaningful opportunity for a new owner to consolidate staffing, streamline management functions, and reduce operating expenses across all three assets.

All three properties are located within federally designated Qualified Census Tracts (QCTs), entitling a future developer to a 30% basis boost in a tax credit resyndication. Residences at Cornerstone benefits from a 100% real estate tax abatement running through 2034, providing over a decade of operating cost protection. Foster Pointe and Cornerstone Senior previously benefited from similar 15-year, 100% real estate tax abatements — the precedent of which positions a new owner to pursue reinstated exemptions or negotiated Payment in Lieu of Taxes (PILOT) agreements with the City of Cleveland, representing a tangible opportunity to improve net cash flow at the property level.

Please contact a BWE team member for additional information on acquiring these assets individually or as a portfolio.

Property Overviews
Cornerstone Senior Apartments: 18221 Euclid Avenue, Cleveland, Ohio 44112 | 50 units | Built in 2009 | 98% occupied | Senior, fee simple
Cornerstone Senior Apartments provides affordable housing for adults 55 years of age and older in Cleveland, Ohio. Conveniently located on Euclid Avenue near shopping, parks, public transportation, and neighborhood services, Cornerstone offers a warm, welcoming atmosphere designed for independent senior living. Residents enjoy thoughtfully designed apartment homes featuring fully equipped eat-in kitchens, generous closet space, and accessibility-focused features. Community amenities include a clubhouse with a fireplace, a community room with kitchenette, planned social activities, outdoor patio spaces, controlled building access, elevator service, and on-site laundry facilities, creating a comfortable and engaging place to call home.

Residences at Cornerstone Apartments: 18231 Euclid Avenue, Cleveland, Ohio 44112 | 76 units | Built in 2020 | 97% occupied | Family, GP interest
Residences at Cornerstone offers affordable one-, two-, and three-bedroom apartments in Cleveland’s Euclid-Green neighborhood, for residents earning at or below 60% of the area median income. The pet-friendly community sits minutes from Downtown Cleveland and steps from the RTA Red Line. Community amenities include a study lounge, fitness center, community room, central laundry, onsite parking, and resident storage. Apartments feature fully equipped eat-in kitchens with warm wood cabinets, vinyl plank flooring, central air and heat, and water and sewer included in rent. The property also sits next to Duggan Park, giving residents access to basketball courts, a pool, a baseball field, and walking trails.

Foster Pointe Apartments: 2000 Denison Avenue, Cleveland, Ohio 44109 | 61 units | Built in 2010 | 98% occupied | Senior, fee simple
Foster Pointe provides affordable housing for adults 55 years of age and older in Cleveland, Ohio. Conveniently located on Denison Avenue on Cleveland’s west side, Foster Pointe offers spacious one- and two-bedroom apartment homes in a warm, welcoming community designed for independent senior living. Residents enjoy fully equipped eat-in kitchens, generous closet space, accessibility-focused features, and beautifully landscaped grounds. Community amenities include a business center, resident library, community room with kitchenette, planned social activities, elevator access, laundry facilities on each floor, walking paths, and outdoor gathering spaces, creating a comfortable and engaging place to call home.