Reichle Klein Group Brokers Portfolio Deal in Ohio
R.J. Lloyd & Co. sold four communities totaling 888 units to Urban Land Co. The buyer was self-represented in the transaction.
Reichle Klein Group’s investment advisors Tony Plath and Harlan Reichle of Investment Property Advisors Apartment Group have represented R.J. Lloyd & Co. in selling four communities across Toledo and Oregon, Ohio. The buyer was Urban Land Co., which was self-represented in the purchase totaling 888 units. The $29.4 million transaction was fully funded via a three-year loan with Bridge Investment Group and included:
- Tamarack Creek at 4137 Secor Road in Toledo;
- Alexor at 5635 Secor Road in Toledo;
- Piccadilly West at 540 W. Alexis Road in Toledo;
- Piccadilly East at 2750 Pickle Road in Oregon.
All assets are value-add properties completed between late 1960s and late 1970s, according to Yardi Matrix data. Tamarack Creek and Alexor are located two blocks from each other on Secor Street and close to University of Toledo Medical Center. Due to its proximity to higher education institutions, the area has been attracting several investors in the recent quarters. Last year, Watermark Partners Fund bought Jamestown Apartments, a 204-unit community located approximately 2 miles from Tamarack.
Tamarack encompasses 160 units offering one- and two-bedroom layouts with monthly rent averaging $530. Alexor provides a similar mix of 120 one- and two-bedroom units that with an average monthly rent of $525.
The 240-unit Piccadilly West was completed in four phases over almost 13 years and provides studio, one- and two-bedroom units ranging from 625 to 825 square feet. The largest property, Piccadilly West, encompasses 368 apartments ranging from 700 to 850 square feet and features community room and playground.
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