Apartment and Townhome Asset in Toledo Exclusively Offered by IPA
TOLEDO, Ohio, Nov. 6, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) has been awarded the exclusive listing for Jamestown of Toledo, a 204-unit apartment and townhome property in Toledo, Ohio. The asset is being offered for sale unpriced and free and clear of existing debt.
“Originally developed in 1965, Jamestown of Toledo has undergone substantial improvements that include all new roofs, HVAC and 137 upgraded kitchens. These improvements will position a new owner with a relatively low-maintenance, minimally capital-intensive property,” says Michael Barron, senior managing director. “The property’s specific location within Toledo provides residents with the best of both worlds- close and convenient access to the area’s major attractions and employers as well as a more nontraditional, residential neighborhood setting.”
Barron, Daniel Burkons, senior managing director, and Joshua Wintermute, director, are representing the seller, a New York-based institution.
The property is located just west of Downtown Toledo, minutes from U.S. Route 23 and interstates 475 and 75. Two of the region’s largest employers, ProMedica Health and the University of Toledo, are within two miles. The Westgate Retail Corridor is less than a mile away and Franklin Park Mall, Toledo’s premier shopping, dining and entertainment destination, is within 2.5 miles.