Cypress News

Cypress Ventures Group
Closes West Akron / Fairlawn Deal

June 2024 – Cypress Ventures Group announces our latest acquisition – closing on an 81-unit deal in the West Akron and Fairlawn Ohio areas. This is our fourth acquisition since our founding in 2019. The 81 units represent our method to purchase value-add assets that includes apartments and self-storage located in Summit County Ohio and Northeast Ohio in general.

The properties were owned by an out of state owner and was brought to us before it hit the market in what’s known as an off-market deal. CVG has already started to rebrand the property to bring a fresh look to the property. We’re already busy with landscaping and common area upgrades. We plan to upgrade at least to dozen units to start. As units become vacant, we will upgrade those as well. Upgrades will vary based on the unit condition.

Buying the two site bundle with five buildings in Akron and 18 units in Fairlawn fit right in our wheelhouse. The Akron location adds 63 one and two bedroom units while the Farilawn site has 8 one beds and 10 three-bedroom townhouses. Most of the units provide quality workforce housing for most of the units. The three-bedroom townhomes in Fairlawn have 1400 s/f  and will be enough space for families to spread out. The Fairlawn location is in the  Copley-Fairlawn School District, which has an overall four star rating by the State of Ohio.

Both locations are close to shopping and minutes from Summit Mall in Fairlawn and downtown Akron and they are both a few minutes to the freeway. As we outlined in our online presentation (contact us for the link) to investors, the rents from the previous owner in many cases was upside down – 2 bedrooms less than 1 bedrooms and townhouses severely below the Fairlawn market.

We appreciate our partners, staff and investors for their confidence and leadership. Special thanks to Adam Vincent, of Vincent Esquire LTD, Charlie Gagliano from the Marcus & Millichap team, our finance wizards, Chris Litzler and Jamie Litzler and finally, Jamie Taylor at Unified Bank who made the finance process seamless.

More photos below from Market Street in Akron and S. Miller Rd. in Fairlawn.

This slideshow requires JavaScript.

---

For more info and to find out how to invest with us, please email: info@cypressventuresgroup.com

If you’re interested in hearing from us regularly, please fill out this form – CLICK HERE.

Cypress Ventures Group Completes Its Third Acquisition

August 2022 – Great news to share! Cypress Ventures Group has closed on a 66-unit B-class apartment complex in August. This is our third major asset acquisition since we formed the firm in 2019. This asset fits our goal to purchase value-add assets which includes both apartments and self-storage located in our core demographic area, Northeast Ohio. This acquisition is right in our wheelhouse, providing quality workforce housing in the growing Stow, Ohio submarket.

The property, formerly known as Square 66 Apartments was purchased from The Fillmore Group. CVG will be rebranding the property and adding amenities to enhance our resident’s living experience. We will be adding grill stations, patios, pavilions, outdoor recreation areas, a dog park as well as upgraded security and lighting throughout the complex.

The two building complex is located on five acres and surrounded by mature trees giving it a park like feel. The location is about 15 minutes from Kent State University and in the heart of the Stow shopping district that includes national chains like Starbucks, Target, Kohls, Hobby Lobby, TJ Maxx, Meijer’s to name a few.

We appreciate our partners, staff and investors for their confidence and leadership. Special thanks to Adam Vincent, of Vincent Esquire LTD, Kathryn Cassidy at CRE Journeyman Financial and the team at Lument, Josh Wintermute with Marcus and Millichap and Julie Smith at Erie Title Agency.

---

For more info and to find out how to invest with us, please email: info@cypressventuresgroup.com

If you’re interested in hearing from us regularly, please fill out this form – CLICK HERE.

July 2021 – Cypress Ventures Group has acquired property from CHC Addiction Services, a non-profit addiction services agency in Akron Ohio. The property is a storage facility with large units up to 25 x 25 on Kenmore Boulevard in the Kenmore area of Akron and built around 1990. Operation and rental management will be out of our Ellet location with the same software that powers our main location.

Since our purchase in July, we have installed electric to power our new lighting, surveillance and gate system. Our barbed wire fencing has been repaired, secured and painted in the front. At the rear of the property we have added seven foot tall steel wall fencing. Doors were repaired and the locking system has been changed to more secure cylinder locks.

An office was added using a smaller unit facing the street and new roofs and gutters were added to the buildings within weeks of closing. Trees and brush were cut, trimmed and cleared immediately after acquisition along with minor drainage issues. As of October 2021, we have paved the entire facility with asphalt. During this time, we have been leasing up space and stabilizing rates. Current clients are brought in at full rates and legacy tenants rates will be brought in line with new tenant rates by year-end. Leasing has been steadily increasing by drawing customers from our very full Ellet location.

Cypress Kenmore Storage puts us very close to managing 300 doors of living and storage rentals. Cypress Ellet Storage – single family homes and multifamily apartments. For more info and to find out how to invest with us, please email: info@cypressventuresgroup.com

If you’re interested in hearing from us regularly, please fill out this form – CLICK HERE.

January 2020 – Cypress Ventures Group is pleased to announce a partnership with the Ruby 20 Group in Massillon Ohio. The property is a great find by Ruby and is being repositioned to increase and stabilize rents collaboratively with Cypress Ventures input and experience. Rents have been low at the property and Ruby has already remodeled three units with kitchens with granite, new floors and paint all around. We expect Ruby to refinance within 6 – 12 months with cash out to Ruby and Cypress Ventures Group.

With the addition of Ruby 20, Cypress Ventures Group is now managing or partnering on more than 250 doors of rental property including the partnership with Ruby, our storage facility – Cypress Ellet Mini Storage – single family homes and multifamily apartments. For more info and to find out how to invest with us, please email: info@cypressventuresgroup.com

If you’re interested in hearing from us regularly, please fill out this form – CLICK HERE.

November 2019 – Cypress Ventures Group is pleased to announce the purchase of Ellet Mini Storage in the Ellet area of Akron, Ohio. Ellet Mini, a two building, a facility offering mini-storage from 5 x 10 to 10 x 25. The property is being rebranded as Cypress Ellet Mini Storage. The storage facility is a wholly owned property of Cypress Ventures Group. Purchase of the facility took place in August 2019.

Parking lot updates have been completed along with a new HVAC system for the front building and the reestablishment of HVAC in portions of the rear building. Long overdue gutter replacement has also been completed. A new cloud-based facility management system using StorEDGE along with improvements and updates to access the facility and storage units are planned beginning January 1, 2020.

Continuing improvements to the property include updated and refurbished lighting, updated closed circuit cameras and alarm systems.

With the addition of Cypress Ellet, the Ventures Group manages more than 200 doors of rental property including the new storage facility, single family homes and multifamily apartments. For more info and to find out how to invest with us, please email: info@cypressventuresgroup.com

If you’re interested in hearing from us regularly, please fill out this form – CLICK HERE.