Content area
Full Text
At a time when apartments are the favored property type of investors and lenders as occupancies swell and rents rise after the collapse of the housing market, three local apartment owners are finding places to grow - outside Northeast Ohio.
Summit Multicapital LLC in Akron announced Jan. 16 it has acquired the 169-unit Mosteller Mansion Estates in Hickory, N.C., for $18 million. Meantime, an affiliate of Apollo Management in Pepper Pike has bought the 327-unit Georgetown Apartments in Kettering, Ohio, for $12.7 million from Connor Group of Centerville, Ohio, according to the Dayton Business Journal.
Burton Carol Management LLC in Warrensville Heights also added to its portfolio of properties, which are in Northeast Ohio, Michigan and Florida, with the acquisition of Beachwalk Apartments in Novi, Mich., according to Joy Anzalone, chief operating officer.
The 240-unit complex in suburban Detroit was purchased in a distressed sale from Huntington National Bank, Ms. Anzalone said.
The apartment owners are following the tried-and-true investment strategy of tapping different geographies...