A private individual has acquired Olde Towne University Square, an 832-bed student housing complex near the University of Toledo, for almost $19 million — a deal that marks the first dedicated student housing trade in the Toledo school market this decade. The 291-unit property at 1744 N. Westwood Ave. sold for roughly $65,227 per bed, with the buyer financing the purchase through a $16.3 million Freddie Mac loan set to mature in 2031.
The sale closed under Blackstone’s American Campus Communities, according to Multifamily Housing News, which first reported the transaction. Berkadia Commercial Mortgage originated the buyer’s loan, and the deal was brokered by the firm’s Student Housing Investment Sales team. Senior Managing Director Kevin Larimer, who led that team, has advised on more than $7.8 billion in total student housing sales spanning over 120,000 beds nationwide.
Blackstone completed its roughly $12.8 billion take-private acquisition of American Campus Communities in 2022. As of June 30, 2022, ACC owned 166 student housing properties, according to Blackstone.
A Property Built for Campus Life
Built in 2005, the complex sits on almost 9 acres and is listed as one three-story building, per Lucas County tax parcel data compiled by Redfin…