REDWOOD LIVING BRANCHES OUT TO CHARDONAnchor Admin April 1, 2021
Redwood Living of Independence announced in an email that it has started constructing Redwood Chardon, its first attached, single-family rental complex on the East Side of Cleveland.
David Conwill, Redwood CEO, said in the release, “Since the development of our first neighborhood in 1991, we’ve expanded across the state and have established deep roots in Northeast Ohio. Redwood Chardon offers us an entirely new opportunity to expand our portfolio to Geauga County.”
The company’s latest area community will consist of 91 single-family rentals and occupy a 20-acre site at Center Street and Seventh Avenue. The single-level homes will be available in 2022.
The Chardon development will join more than 13,000 apartment homes that Redwood owns or operates in more than 100 neighborhoods. In addition to Ohio, it has communities in Michigan, Indiana, Iowa, North Carolina and South Carolina.
Joint venture partners
Anchor Cleveland, the Beachwood retail and investment brokerage boutique, and CenterMark Development, a Cleveland real estate developer, have launched a joint venture to provide third-party property management services.
Tori Nook, a principal and co-founder of Anchor, said she was frustrated by clients asking if she could provide property management services in addition to real estate brokerage services.
So she formed a joint venture with Mark Jablonski, president of CenterMark, for the real estate development firm to provide third-party management services with her.
Ohio law requires a real estate license to offer third-party management services. Jablonski, a veteran real estate management consultant, has focused on his own projects since launching his own development concern 20 years ago, so he didn’t need to previously get a brokerage license.
So the solution was to form a joint effort under the Anchor umbrella with Nook serving as the broker of record.
Jablonski said in a phone interview that he wanted to pursue the venture because it uses skills he has honed by managing his own properties directly and a sense that there may be fewer ground-up retail opportunities in the future than in the past.
“The fee world is also one I’m comfortable with because of my background with Ernst & Young (now EY),” Jablonski said.
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