The Paramus, New Jersey-based real estate investment and development firm Reynolds Asset Management has acquired two multifamily communities – Park Lamont and The Lumos – in Cleveland for $30.6 million
Reynolds completed the transaction in partnership with The Slabotsky Family Office, marking its third joint venture.
Park Lamont and The Lumos were completed in 2024 and are located in University Circle, Cleveland’s premier medical, educational and cultural hub. The properties offer a mix of studio, one-bedroom, and two-bedroom apartments, as well as three-story townhomes featuring private rooftop decks and attached garages.
“This acquisition checks all the right boxes for us—high-quality new construction at an excellent basis, in a location with strong job growth and long-term economic momentum,” said Matthew Earl, chief operating officer of Reynolds Asset Management. “It’s the kind of opportunity where we can deliver real value to our investors while contributing positively to the surrounding community.”
Photo: The Lumos
