Lancaster, Ohio-based LFG Properties LLC has acquired Willow Creek, a 36-unit apartment community in North Canton, Ohio, for $1.2 million. The seller was One Management Ltd. of Willoughby, Ohio, which served as the court-appointed receiver on behalf of Huntington National Bank.
The real estate owned (REO) asset sale was consummated on an all-cash basis within 30 days of entering a purchase agreement.
Built in 1998, Willow Creek is a garden-style property with 12 one-bedroom and 24 two-bedroom units. The property is located about two miles from the Akron-Canton Regional Airport. The asset was 95% occupied at the time of closing.
Eric Taylor of the Michigan office of Hendricks & Partners negotiated the transaction on behalf of both parties. Hendricks & Partners, headquartered in Phoenix, is the nation’s largest sales and research firm focused exclusively on the multifamily industry.
The company serves apartment owners and investors from 26 regional offices, bridging all major U.S. capital markets.