Toledo, Ohio—Commercial Property Advisors (CPA) announced the sale of The Historic Hillcrest in Toledo, Ohio. The Historic Hillcrest sold for $2,067,965 on Oct. 29, 2012.
The Historic Hillcrest, originally built as a luxury hotel in 1927, consists of a nine-story, historic mid-rise building and a parking garage located within walking distance to downtown Toledo. The hotel closed in 1990, and in 1999, the property underwent a $12 million LIHTC renovation to accommodate 106 residences with one-, two- and three-bedroom floor plans averaging 1,025 square feet.
The building contains 8,000 square feet of vacant commercial space on the street level. The first floor of the property contains a recently renovated management office, community room, fitness center and extra large laundry facility.
Cary Belovicz of CPA’s Midwest office negotiated the transaction on behalf of the seller. CPA’s Midwest office deals exclusively in investments sales throughout the Midwest.
NorthMarq arranges $18.98M loan
Constructed in 2001, the multifamily community consists of 216 garden-style units in nine, three-story residential buildings. Property amenities feature clubhouse with kitchen and business and fitness centers, an outdoor heated swimming pool and a sun-deck with barbecue facilities. Unit amenities include patios or balconies, air conditioning, fireplaces, full size washer/dryers or hookups, as well as Roman tubs.
Steve Koeneke, senior director, and Brock Yaffe, assistant vice president, arranged the financing for the borrower, a highly regarded real estate firm based in Denver.