CalSTRS Buys Statler Arms Apartment in Cleveland
By: Leon Castles
on Friday, May 25, 2012
Cleveland has some of the historic buildings in the city and Statler Arms building is one such building that has 297 unit apartments right in the heart of the Cleveland city. California State Teachers Retirement System has now made an announcement that they have acquired the rights for the building. The organization said that they have a major stake in LCOR which is based in Pennsylvania. Both CalSTRS and LCOR made an announcement that they have completed the deal. CalSTRS made it very clear that LCOR operates in several property types from buildings to retail and since they have a huge stake in the company they are the owners of the Statler Arms apartment.
The company said that the investment value of the building is close to $800 million. Many of the real estate developers in Cleveland said that the deal shows that many people are still interested in buying apartment buildings especially after recession since they can still get better prices for it compared to commercial buildings that might not have the same property value. Peter DiLullo, President and CEO of LCOR said that they are always interested in expanding their business with CalSTRS and they are happy that the deal has been completed. He also said that Lehman has always been by their side and therefore they always believe in the company.