Banking & Finance

Girard Apartments Sold for $2.5M to Investor Group

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GIRARD, Ohio – One Over Properties LLC, an investment group managed by Steven Lewis of MVC Advisors LLC, Boardman, has purchased a four-building, 106-unit apartment complex here for $2.5 million or about $23,150 per unit.

The complex, Timber Ridge Apartments, was built in 1980 at 1104 E. Liberty St., and consists of one- and two-bedroom units with newer kitchens and baths. It was sold by BHK Properties Inc. of Warren, which paid $1.8 million to buy the property in 2001.

One Over Properties is comprised of “local, silent investors,” says Lewis, a partner in the Landers-Lewis Insurance Agency — a sister company to MVC Advisors, and the former CEO of what was First Place Bank (now Chemical Bank).

“Our investors believe in the Mahoning Valley and will invest in these properties, not drain them,” Lewis tells The Business Journal. “We will add value to the property, which will in turn add value to the quality of life that our residents experience.”

In addition to financial consulting, “MVC’s focus is to identify area properties that make sense and appeal to investors whose preference is to be able to see and touch what they’ve invested in; people who are dissatisfied with virtually zero returns from banks and bond markets and are uncomfortable with the volatility of the stock market,” Lewis says.

Timber Ridge is the third property in the MVC portfolio, according to Lewis, and investors “are looking at a fourth.”

Routh-Hurlbert of Boardman was the listing broker on the sale; it closed April 21.

Published by The Business Journal, Youngstown, Ohio.