On Friday, an out-of-state preservation nonprofit quietly dropped roughly $14 million on three Midtown Cleveland apartment buildings that locals know as the Rainbow Place portfolio. The buyer, House of David Preservation, picked up the properties along the Euclid Avenue corridor, shifting long-running affordable units into new hands. Tenants and neighborhood groups say they have not been briefed on redevelopment or rent plans yet and are still waiting for answers.
The Purchase And The Price
As reported by Crain’s Cleveland Business, House of David Preservation bought three Rainbow Place apartment properties in Midtown for about $14 million. The deal covers multiple adjacent parcels that have historically housed low-income residents, and the buyer has…..