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BIRMINGHAM, MI-The Dietz Organization has brokered the $23.3-million portfolio sale of four separate multifamily properties held by Associated Estates Realty Corp., headquartered in Richmond Heights, OH, near Cleveland. AERC is a publicly-traded REIT and one of Ohio’s largest property owners.

Barrett & Stokely, an Indianapolis-based regional real estate management and investment firm specializing in small-community residential real estate, purchased the portfolio package, totaling 572 apartment units. The buyer plans to make required improvements and to reposition the properties in the market.

Dietz senior associate broker Rick L. Vidrio and associate broker Rick Brace handled the transaction. Terms of the sale were cash to existing mortgage. All four portfolio properties are located in central Ohio between Columbusand Cincinnati. They include:

* Residence at Newark in Newark, sold for $5.2 million.

* Sheffield at Sylvan in Circleville, sold for $4.9 million.

* Wyndemere Apartments in Franklin, sold for $5.6 million.

* Muirwood Zanesville in Zanesville, sold for $7.4 million.

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