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Dietz Brokers $23-Mil Portfolio Sale

BIRMINGHAM, MI-An Indianapolis investment firm pays $40,734 per unit for four central Ohio multifamily rental properties from Associated Estates Realty Corp., one of the largest property owners in the state.

By Robert Carr | Updated on November 07, 2001

BIRMINGHAM, MI-The Dietz Organization has brokered the $23.3-million portfolio sale of four separate multifamily properties held by Associated Estates Realty Corp., headquartered in Richmond Heights, OH, near Cleveland. AERC is a publicly-traded REIT and one of Ohio’s largest property owners.

Barrett & Stokely, an Indianapolis-based regional real estate management and investment firm specializing in small-community residential real estate, purchased the portfolio package, totaling 572 apartment units. The buyer plans to make required improvements and to reposition the properties in the market.

Dietz senior associate broker Rick L. Vidrio and associate broker Rick Brace handled the transaction. Terms of the sale were cash to existing mortgage. All four portfolio properties are located in central Ohio between Columbusand Cincinnati. They include:

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