New Ownership for Troubled Shaker Square Apartments
A significant real estate transaction has taken place in Cleveland, as a bundle of apartment buildings on Shaker Boulevard, previously at the heart of the city’s battle against out-of-town landlords, has sold for $11.7 million. This sale brings new hope for residents and aligns with Cleveland’s ongoing efforts to improve housing standards and accountability for property owners.
The Saga of Shaker Square Properties
The properties in question are The Vista at Shaker Square and the Residences at Shaker Square, located at 12500-12600 and 12701 Shaker Boulevard. These buildings gained notoriety after the City of Cleveland sued their previous owner in 2023.
Cleveland’s Stand Against Negligent Landlords
The lawsuit stemmed from numerous tenant complaints regarding severe maintenance issues, including a lack of heat and persistent elevator problems. This action was part of the Bibb administration’s broader commitment to rigorously enforce housing codes, a pledge made in response to a surge of investor activity post-Great Recession. While some out-of-town investors were responsible, many others neglected their properties, making it challenging for housing advocates to ensure accountability and adequate living conditions for residents.
Details of the Recent Sale
On November 21, 2025, the troubled Shaker Boulevard apartments were sold for $11.7 million. The seller was Shaker Heights Apartment Owner LLC, a joint venture between Chicago-based AMG Realty Group and New York’s Chetrit family, who originally purchased the properties in 2022 for $12.4 million. The new owner is The Shaker at Lenox, LLC.
Interestingly, the Chetrit family, a major force in New York real estate, has recently faced significant financial challenges, defaulting on $1.6 billion worth of debt. This context sheds light on the previous ownership’s potential reasons for the properties’ decline and subsequent sale.
A Fresh Start with Significant Investment
The acquisition by The Shaker at Lenox, LLC, signals a positive turning point for the long-suffering tenants and the community. Court filings reveal that the new buyer has committed to a substantial investment, proposing over $5 million in building repairs and renovations as part of a total project exceeding $20 million. This commitment is a crucial step towards addressing the long-standing maintenance issues and revitalizing these key Shaker Square residences.
What This Means for Cleveland Residents
This sale represents a tangible victory in Cleveland’s ongoing campaign to hold property owners accountable and ensure safe, habitable living conditions for all residents. It demonstrates that the city’s proactive stance on housing code enforcement can lead to meaningful change, compelling negligent landlords to either improve their properties or divest them to responsible owners.
The promised millions in renovations are expected to significantly enhance the quality of life for residents at The Vista and Residences at Shaker Square. It also serves as a strong signal to other out-of-town investors that Cleveland is serious about protecting its tenants and maintaining its housing stock.
Comparative Overview of Ownership
| Aspect | Previous Ownership (Shaker Heights Apartment Owner LLC) | New Ownership (The Shaker at Lenox, LLC) |
|---|---|---|
| Purchase Date/Price | 2022 / $12.4 million | November 21, 2025 / $11.7 million |
| Owner Composition | Joint venture (Chicago-based AMG Realty Group & NY’s Chetrit family) | The Shaker at Lenox, LLC |
| Condition & History | Subject of city lawsuit due to tenant complaints (heat, elevators) | Proposed over $5 million in repairs/renovations |
| Total Investment Pledged | (Not specified, but properties neglected) | Over $20 million (total investment) |
Frequently Asked Questions
- Which apartment buildings were sold?
The Vista at Shaker Square and the Residences at Shaker Square, located at 12500-12600 and 12701 Shaker Boulevard. - Why were these properties considered “troubled”?
The city of Cleveland sued the previous owner due to repeated tenant complaints about severe maintenance issues, including a lack of heat and elevator problems. - Who was the previous owner?
Shaker Heights Apartment Owner LLC, a joint venture involving Chicago-based AMG Realty Group and the Chetrit family from New York. - Who is the new owner?
The Shaker at Lenox, LLC. - What is planned for the buildings under new ownership?
The new buyer has proposed over $5 million in building repairs and renovations as part of a total investment exceeding $20 million, aimed at revitalizing the properties.
This sale marks a crucial moment for Cleveland, demonstrating the city’s resolve to tackle neglected properties and signaling a brighter future for the residents of Shaker Square.
New Owner for Troubled Shaker Square Apartments
