North Towne Villas

127 & 133 Mel Simon Drive, Toledo, Ohio


We were engaged by the owner of North Towne Villas, a two member LLC that had originally developed the property, to sell the community in order to take advantage of the strong market for apartment investment property and allow them to reallocate their capital. The seller had attempted to sell the property through a competitor within the prior year or so and had not achieved their target number. The market was maturing and seemed to be reaching its top so time was of the essence. The property was in excellent condition and had a history of high occupancy. The property was also the newest property in the submarket and achieving rents at the very top of the submarket. The units would have to trade at a per unit price well above the average for the submarket in order to achieve the seller’s target.


We took the property to market un-priced and offered very aggressive price guidance to interested parties. We put together our typical high quality offering package. We marketed the property to pre-qualified buyers from our proprietary investor database through an email and telephone campaign. We also utilized our own web marketing platform as well as third party web marketing sites. We were able to put the property in front of well over 10,000 investors that had self-identified an interest in similar assets in the upper Midwest. We ran a bid sale process in order to create an auction like urgency.


We were able to underwrite and support the aggressive pricing target. We generated 7 offers at our bid deadline, all from buyers from outside the local market area. We then went through a best and final round with the top five buyer groups. A buyer was selected and a contract executed. The deal subsequently fell out during due diligence for issues related to their financing. We moved on to the second choice buyer group. A deal was consummated and closed at a price that exceeded the seller’s target price with an investor group made up of investors from the East coast and the Detroit area.

Property Finder

News & Information