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A new owner is in control of one of three high-rise apartment buildings at the Gates Mills Towers apartment complex in Mayfield Heights, and the suburb's mayor couldn't be more relieved.
Only one of the three high-rise apartment buildings, Gates Mills Towers III, has sold so far, but indications are that transactions are forthcoming for Gates Mills Towers I and II. The complex lines Mayfield Heights' border with Gates Mills and carries addresses of 6805 to 6809 Mayfield Road. The properties are among those that Associates Estates Realty Corp. of Richmond Heights previously owned in combination with other investors.
The transactions will put some or all of the apartments under the control of the Simon family, a group of real estate developers with offices in Beachwood, along with another investor, the Obsgarten family. Both families have shares of the properties because Irwin Obsgarten and the late Al Simon were partners in their development and retained their stakes as Associated Estates became a publicly traded real estate investment trust.
According to...