$29.4 Million Apartment-Portfolio Sale

Reichle Klein Group’s Investment Property Advisors Apartment Group Orchestrates $29.4 Million Apartment-Portfolio Sale

Toledo, Ohio (August 13, 2019)

Reichle Klein Group recently coordinated the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon, Ohio.

Reichle Klein Group’s Investment Property Advisors Apartment Group, a team of investment advisors consisting of Tony Plath and Harlan Reichle, CCIM, SIOR, represented R.J. Lloyd, Co., Ltd., of Toledo, with its sale of the four-complex, 888-unit portfolio. Urban Land Company, Ltd., of Columbus, Ohio, was self-represented in its purchase of the portfolio.

Properties included in the portfolio were: Tamarack Creek (160 units, 128,688 SF, located at 4137 Secor Road, Toledo), Piccadilly West (240 units, 179,912 SF, 540 W. Alexis Road, Toledo), Alexor (120 units, 94,528 SF, 5635 Secor Road, Toledo) and Piccadilly East (368 units, 299,807 SF, 2750 Pickle Road, Oregon).

“We received interest from approximately 50 investor groups from around the country,” Plath said. “Ultimately, we received offers from 11 qualified buyers through the bid process, and a very strong investor from Columbus was selected. Most of the bidders did not own assets in Toledo and had never made offers on any of our previous offerings. This occurrence suggests the buyer pool is still expanding and strengthening. We are seeing similar interest and depth of the buyer pool on all of the offerings that we take to market.”

view all news

Property Finder

News & Information


Case Studies

114 S. Byrne Road, Toledo, Ohio

Byrning Hill Plaza

Challenge: Our team was hired thru the Receiver to sell this property on behalf of a Receiver appointed at the request of Huntington Bank. We listed the property at $1.4M and put together a thorough offering memorandum f…

380 Dussel Drive, Maumee, Ohio

Tolson Enterprises

Challenge: Tolson Enterprises was interested in selling an investment property that was approaching the end of the primary tenant’s term. The focus was to be on potential users or Investors. The challenge was to find an …

1800 Nathan Street, Toledo, Ohio

Magna Exteriors & Interiors of America Inc.

Challenge: We were engaged to sell a 177,500 SF single tenant, net leased, Class A industrial asset with a newly negotiated lease term of 8 and one half years.  Our first challenge was to obtain the listing as listing di…

1331 McCord Road, Holland, Ohio

Shops at Spring Meadows Place

Challenge: The developer/owner decided to put a newly constructed, multi-tenant strip center on the market. The pricing and cap rate were aggressive for the Toledo market, and 1,320 square feet of the center remained vac…

5415 Monroe Street, Toledo, Ohio

Huntington Bank / Nic Dumas, Duma Properties, LLC

Challenge: We were engaged as Receiver tasked with assuming the management and selling of a suburban multi-tenant office building. The major tenant in the building was the owner of the property who was not performing the…

3103 Executive Parkway, Toledo, Ohio

Medical Mutual of Ohio

Challenge: Leverage a hot investment property market in the disposition of a 100,000 square foot office tower in suburban Toledo.  The Client, Medical Mutual of Ohio, no longer occupied the building and had leased the en…

1311 McCord Road, Holland, Ohio

Sky Bank

Challenge: The developer/owner decided to put a newly constructed, build to suit, single-tenant property on the market subsequent to lease execution.  The pricing and cap rate were quite aggressive for the Toledo market …

1695, 1705 & 1715 Indian Wood Circle, Maumee, Ohio

John Barone

Challenge: The owners of Arrowhead Properties, two Class A multi-tenant office properties located in prestigious Arrowhead Business Park, decided the time was right to opportunistically attempt to take advantage of what …

1697, 1705 & 1715 Indian Wood Circle, Maumee, Ohio

Midfirst Bank

Challenge: We were asked to take this largely vacant REO office building portfolio to market for sale in the depths of the recession in 2010.  Office properties in tertiary markets were perhaps the least favored asset cl…

127 & 133 Mel Simon Drive, Toledo, Ohio

North Towne Villas

Challenge: 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 p…