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13 Toledo apartment sites fetch $1.5M

16.05.2008 11:01 Shopping - Source: toledoblade.com

Toledo homes may not be selling rapidly, but income-generating rental properties are.

Thirteen apartment complexes were auctioned off in Toledo this week as one of the largest commercial auctions in the area by the Pamela Rose Auction Co. LLC.

Up for bid were 17 properties with up to 28 units each, and 40 potential buyers participated at the event in Gladieux Meadows in south Toledo.

"A lot of the appeal is that they [were] family properties and rental," said Pamela Rose, the auctioneer.

The properties were all owned by the Toledo nonprofit Neighborhood Properties Inc., an organization that assists mentally ill homeless people in finding housing.

The group, which owns more than 70 properties and 600 apartments in Lucas County, put the sites on the block to raise operating funds. The sites sold for a total of $1,474,000. Company officials were unavailable for comment.

Potential buyers as far away as California, New Jersey, and Colorado expressed interest.

Rental properties are a strong investment, said Mrs. Rose. With home prices dropping nationwide, some investors are looking at rental markets, she said.

Plus, she said, tougher requirements for obtaining mortgages have increased the numbers of people looking to rent rather than buy, Mrs. Rose said.

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