Michigan Investor Buys Toledo Apartments
- May 22, 2018
Jamestown Apartments 17 LLC, a single-purpose entity formed in Michigan that’s fully owned by Watermark Partners Fund IV LLC, has obtained $9.67 million in acquisition financing to buy the Jamestown of Toledo Apartments in Toledo, Ohio, from a private seller. Michigan-based Watermark owns and operates multifamily properties in the Midwest.
Jamestown of Toledo Apartments is a 204-unit, garden-style apartment community that’s comprised of 19 two- and three-story buildings. Developed in 1965, the property has a unit mix of 42 one-bedroom units, 142 two-bedroom apartments and 20 three-bedroom units.
The property is in western Lucas County, about six miles northwest of the Toledo CBD. The former owner recently made about $232,000 in capital expenditures, including roof replacements, HVAC unit replacements, kitchen upgrades and the replacement of many balcony railings and patio fencing.
The Nearby Student Population Helps Property be a Long-Term Hold
The property is near higher education institutions, including the University of Toledo Medical College, and various community colleges. The property currently has a student concentration of about 30 percent, according to Hunt Mortgage, which facilitated the Freddie Mac financing.
“The property is being considered a long-term hold for the borrower,” explained Josh Messier, managing director at Hunt Mortgage Group. “Stable growth and returns are forecast over a long-term investment horizon.”