Park Lane Manor

744 Colette Drive, Akron, OH 44306
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Investment summary

Units300

Buildings60 Buildings

Stories2

Year Built1941

Offering Memorandum & Deal Room

Executive summary

PRIMED FOR RENTAL INCREASE

Park Lane Manor is currently positioned well below competitive market rents across all unit types, offering immediate and organic revenue upside without requiring a renovation program. Current contract rents trail the average market by 16% on 1 bedrooms, 23% on 2 bedrooms, and over 30% on 3 bedrooms relative to direct competitors such as Chesapeake Pointe. Current Rents range from $106 to $256 below similar age and similar condition properties.

Upon achieving market stabilization:

• ~ $40,000+ in additional monthly revenue

• ~ ±$500,000+ in additional annual NOI

Applying a 7.5% capitalization rate for the projected NOI increase results in:

• ~ $7 million+ in Potential Value Creation

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Investment highlights

Limited Supply of Large Scale Market Rate Communities

Northeast Ohio, especially Akron, offers very few multifamily communities above 200 units, and an even smaller subset operates as true market rate assets. As one of the only 300 unit, conventional market rate communities in the submarket likely to come to market in the near term, Park Lane Manor represents a rare acquisition opportunity. This scarcity drives strong buyer competition, enhances long term stability, and reinforces Park Lane Manor’s position as a high demand, low supply investment within the Akron MSA.

High-Impact Rebrand Opportunity

Despite its strong physical layout and established community positioning, Park Lane Manor presents a clear opportunity for a thoughtful yet impactful rebrand. Enhancing the resident experience through updated signage, improved curb appeal, refreshed community spaces, and modernized branding would meaningfully elevate its market perception. With strong fundamentals already in place—including the land, townhome format, ample acreage, quality schools, and an established reputation—the classic principle “build it and they will come” is especially relevant. Even modest improvements will be highly visible within the community, driving immediate leasing momentum and strengthening resident retention.

Townhome-style Living on a 26-acre Neighborhood Campus

Park Lane Manor delivers a true neighborhood residential experience, featuring a 26-acre, tree-lined, low-density campus comprised of 60 townhome-style buildings. This setting is particularly well-suited for families, long-term renters, and residents seeking walkability and a sense of community—an increasingly rare offering within the Akron multifamily market. The property is surrounded by Akron’s primary public schools, which serve as everyday community anchors for residents. Glover Community Learning Center (K–5) is the closest elementary school, while Innes Community Learning Center (6–8) serves as the area’s middle school just minutes away. Garfield High School (9–12) is the primary public high school assigned to the neighborhood, further reinforcing the property’s appeal to families. In addition to its proximity to public schools, Park Lane Manor is located just minutes from Archbishop Hoban High School, one of Akron’s premier private Catholic institutions. Known for its strong academic programs, competitive athletics, and respected regional reputation, Archbishop Hoban further enhances the community’s appeal, particularly for families seeking access to private education without the burden of a long commute.

Amenities

  • Water, Sewer & Trash Removal Included in Rent
  • Spacious One-, Two- & Three-Bedroom Floor Plans
  • Family Friendly Environment
  • Well-Maintained Common Areas
  • On-Site Maintenance
  • Convenient Access to Schools, Transportation & Shopping
  • Off Street Parking Available

Exclusively listed by

Anthony DeMarco

SVP, Investment Sales