Banking & Finance

$5.3M Sale Revises Ownership of Downtown Building

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YOUNGSTOWN, Ohio — Millennia Housing Management Ltd. has reconstituted the ownership of International Towers at 25 Market St.  downtown.

The multifamily complex was sold Oct. 25 from one Millennia partnership to another still controlled by the Cleveland-based firm. The property changed hands for $5.3 million.

In 2009 a Millennia-controlled partnership acquired the building – built in 1981 – for $4.9 million. The 173-unit tower houses disabled and elderly residents. The latest sale price amounts to about $30,635 per unit.

Representatives from Millennia told city officials Oct. 4 that the partnership is in the process of undertaking an $8 million renovation of the property, which will involve both exterior and interior work. Work will be performed by Millennia’s related construction company, American Preservation Builders.

The project should be completed before Thanksgiving 2017.

–Reported by Mark Heschmeyer

Published by The Business Journal, Youngstown, Ohio.