Brian Cook stands in the oval-shaped dining room of an apartment at Ludlow Castle, a signature Tudor-style building off Shaker Square. The distinctive room has hardwood floors and opens up to a sunken living room with wood-burning fireplace and a wall of windows overlooking the street.

"My wife would kill for an oval-shaped dining room like this," Cook says, "and for the closet space in these units."

The neighborhoods of Shaker Square have long been a popular draw for individuals and families that are seeking the conveniences and amenities of apartment living. Now, a Cleveland real estate developer is restoring and rejuvenating many of the apartment buildings on North and South Moreland, a densely populated apartment corridor.

Cook represents Crossroads Property Management, a real estate management and development firm owned by Paul Gabrail. CPM operates 14 buildings on North and South Moreland between Larchmere Boulevard and Buckeye Road -- a concentration of over 300 units, or nearly half of the total units on these two blocks. Over the past few years, the owner has steadily upgraded and improved these apartments.

"We want our buildings to set the tone for the street," says Cook.

Asked why he has chosen the Shaker Square area to focus on, Cook cites the fact that he and his wife are homeowners who are raising a family in nearby Shaker Heights. "I believe that Shaker Square and the surrounding neighborhoods have to stay strong," Cook says. "We have a great city neighborhood -- a dense, walkable community with affordable housing that's close to public transit."

The redevelopment of North and South Moreland apartment buildings is a sound investment, Cook and Gabrail argue, since the neighborhood continues to attract apartment dwellers and maintain relatively low vacancy rates. Tenants range from the "Meds and Eds" of University Circle to downtown-commuting professionals and long-time neighborhood residents seeking a low-maintenance lifestyle.

Cook is confident that his buildings will hold their value and prove successful over time. As the quality of the properties have been improved, he and Gabrail have been able to increase rents and improve resident-retention rates, thus garnering a more professional tenant base while maintaining the economic diversity of the neighborhood.

"These properties were built very well and the improvements we are doing will secure their place in the market for many years to come," Cook says.

Source: Brian Cook
Writer: Lee Chilcote