(Read more on the multifamily market.)
TOLEDO, OH-Associated Estates Realty Corp. has put up for sale its four-property local apartment portfolio here for $62.5 million, or $58,962 per sf. The portfolio has an occupancy average in the mid-90s, and totals 1,060 units. The REIT has 98 communities in 10 states, with 57 other properties in Ohio. Sources say apartments built in the mid-1990s are selling from between $50,000 to $70,000 per unit in Toledo.
The properties are made up of class A and B complexes, including the 506-unit Cloisters Apartments and Townhomes at 5987 Thunder Hollow Dr. (renting from $580 to $1,000 per month), the 316-unit Country Club Apartments at 1130 Pine Valley Lane (renting from $575 to $900), the 88-unit Hawthorne Hills Apartments at 1801 Brownstone Blvd. (renting from $550 to $735) and the 150-unit Woodlands at 2423 Cheyenne Blvd. (renting from $560 to $815).
All the properties are within a five mile radius, says Matthew Friedman, a senior associate with Marcus & Millichap Real Estate Investment Services. He and James Walsh, vice president of investments, are representing the Richmond Heights-based REIT owner.
Friedman says amenities at the complexes include swimming pools, fitness centers, washer-dryer hook-ups and walk-in closets. "These assets were all built in the mid-to-late 1990s, and have no deferred maintenance. Plus, two of the assets are very close to the University of Toledo. This is just a strategic sale," he tells GlobeSt.com. "Toledo has a stable, improving apartment market. We're seeing rents increase and concessions burn off."
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