Receivership Sale | Shoregate Towers | 404 Units | 40% Occupied

Highlights:

• Significant repositioning opportunity
• $35-$40M stabilized property value
• Both roofs replaced in February 2025 ($636,000)
• Highly desired suburban location along Lake Erie Shoreline
• Located across the street from Starbucks, Giant Eagle, Chipotle, Planet Fitness and dozens of other retailers and restaurants
• 10 Minutes from two major hospitals: Cleveland Clinic Euclid Hospital and University Hospital’s Lake West Medical Center
• 15 Minutes from 3 Fortune 500 HQs (Progressive Insurance, Parker Hannifin, and Avery Dennison)

Description:

RI Marketplace Online Auction June 23-25, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2531/receivership-sale-shoregate-towers-404-units-40-occupied?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=multifamily_2531

Marcus & Millichap, in conjunction with RealINSIGHT Marketplace, is pleased to present Shoregate Towers, a 404-unit apartment community located at 30901 Lake Shore Blvd in Willowick, Ohio (the “Property” “Offering”). The Property is being offered for auction on behalf of the lender appointed Receiver and presents investors an excellent opportunity to acquire an irreplaceable asset that offers substantial value creation opportunity through property-wide updates.

Shoregate Towers, built in 1971, is comprised of two 12-story towers totaling 404 units with an average unit size of 780 square feet. Situated on 6 acres, the Property offers ample surface parking for residents and guests. Currently 40% occupied, Shoregate presents a significant value-add opportunity with in-place rents on non-renovated units averaging $855 and renovated units achieving market rents of approximately $1,089. New roofs were completed on both towers in 2025, and additional upside remains through further property-wide renovations, most notably, a new parking garage (previous one collapsed August 2023).

Willowick is a well-established suburban community located in Lake County, just 15 miles northeast of downtown Cleveland, along the southern shore of Lake Erie. Willowick is part of the Cleveland-Elyria MSA, benefiting from strong regional connectivity, stable demographics, and close proximity to major employment and commercial hubs. The Property is located four-miles from I-90 offering immediate access to the greater metropolitan area. The Property benefits from being across from numerous national retailers including Starbucks, Giant Eagle, Aldi, Chipotle, McDonald’s, Planet Fitness, Marcs, and many more. The Property has a population of ±119,333 residents within a 5-mile radius and an average household income of ±$74,266.

Thomas Seaman
Auctioneer
License: 2007000016

Documents: