Marcus & Millichap closed the sale of Whispering Pines, a 48-unit multifamily property in Paulding, Ohio, for $2.855 million.
Teddy Kenny, Aaron Kuroiwa and Austin Meeker, investment specialists in Marcus & Millichap’s Indianapolis office, in association with Michael Glass, Marcus & Millichap’s Ohio broker of record, had the exclusive listing to market the property on behalf of the seller, Covington Properties, LLC, and procured the Buyer, Colarusso Properties, LLC.
Located at 1001 W. Wayne St., Whispering Pines features 47 two-bedroom units and one one-bedroom unit, along with 67 self-storage units. The property was built in 1989 and is situated about 40 minutes from Fort Wayne. The new owner plans to implement professional third-party property management and will complete a value-add strategy by renovating unit interiors and improving operations.
