HOUSTON-A locally based partnership has purchased a nine-building multifamily portfolio of class B properties for $94.5 million from Apartment Investment and Management Co. of Denver. The name of the partnership could not be obtained by press time.
The portfolio, consisting of eight properties in Ohio and one in Pennsylvania, offers a combined total of 1,893 garden units and 322 townhouse apartments. The properties were built between 1969 and 1987.
According to a statement issued by Apartment Realty Advisor's Dayton, OH office, the properties are situated in strong submarkets, and are close to major thoroughfares and employment centers. They also offer amenities including swimming pools, fitness centers, tennis courts and patio balconies.
Debbie Corson, ARA principal, who represented Aimco in the transaction, notes that the portfolio "offered investors a unique opportunity to acquire solid B to B+ properties in mature, stable Midwestern markets." She adds that it's likely that more investors, with growing confidence in the region, are likely to acquire additional multifamily properties in the market.
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