|SQ. FT. Available||753,905|
Four of the apartment communities are clustered in the City of Toledo in the West Toledo/Sylvania and the North Toledo Submarkets. The fifth property is located in Oregon, Ohio, an eastern suburb of Toledo a short drive from the remainder of the portfolio.
This offering provides investors with an opportunity to acquire, in scale, a high performing, well maintained portfolio of Class B and C apartment assets in a rebounding upper Midwest city.
The scale readily facilitates entry to the market with operational and staffing efficiency.
Class B and C properties are well suited to the socio economic profile of the Toledo, Ohio market. The properties themselves are well located to serve the target renter pool.
The seller is the original developer who operated the portfolio, with care, for the long term. Operation of the portfolio has been the primary occupation of the owner. The benefit to the investor is that there has been stable, consistent management and maintenance across the portfolio since inception.
The buildings are all of common design and construction and there are only three floor plans utilized throughout the portfolio. Simplicity, efficiency and fewer surprises.
The owner has historically been very conservative in his approach to rent increases and rents in the portfolio generally lag the market. Consequently, there is significant upside available simply by being more assertive with rent increases.