Wednesday, Jun 29, 2016
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Real Estate

Perrysburg apartment-complex market growing

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Perrysburg-area apartments have some of the lowest vacancy rates and highest rents in the region, a market survey finds.

The Blade/Katie Rausch
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While construction of new apartment complexes in the Toledo area has slowed, Perrysburg has continued its growth with Briarwood Cove’s 166 units built this year.

Harlan Reichle, president and chief executive of the Reichle Klein Group, said Perrysburg is thriving with such building.

“Perrysburg has added more apartments than any other submarket the past five to 10 years,” Mr. Reichle said. “Perrysburg has new development and very top end of the market places. Construction there went through the crash and [economic] downturn, and the apartments keep absorbing people.”

A market survey by Mr. Reichle showed that throughout Toledo the apartment vacancy rate is at 7.1 percent.

The apartment vacancy rate in Perrysburg, Northwood, and Rossford was 4.1 percent for complexes built before 1980 and 5.1 percent for those built after 1980.

The study showed that rent in the Perrysburg area is the highest in the region. For a one-bedroom apartment built after 1980, the average cost is $758. The next closest area is West Toledo and the Sylvania district which costs an average of $652.

Redwood Management Co., a development group from Beachwood, has done much of the building the past several years in the area, including Briarwood Cove this year.

Redwood builds ranch-style apartment homes that are more expensive than most.

“We would make more money if we put 15 or 18 units per acre [with a multistory complex] instead of five or six, but we have our niche and are doing well,” said Keith Ritz, one of the owners of Redwood.

“The average age of our resident is 58. We provide an alternative for people who want to downsize, but still want a garage and home feel.”

He said they’ve built throughout northwest Ohio and are continuing to look at areas such as Sylvania. He said developers aren’t building as much because of the cost of complying with various codes.

Instead of building new, Mr. Ritz said developers are improving or modifying places they already have.

Both Mr. Ritz and Mr. Reichle said the Perrysburg community has a role in why apartment complexes are successful there.

“It is a healthy preferred apartment market because of the work force out there, desirable community, and quality-upscale property,” Mr. Reichle said.

“Levis Commons and other places make Perrysburg a place to live for the younger demographic.”

Perrysburg Planning and Zoning Administrator Brody Walters said the city’s success helps attract residents. Some also want to take advantage of the school district.

He also said the city requires apartments to be high quality, and that meant some changes for Briarwood Cove.

“I personally drove out [to other Redwood sites] and demanded they add some things,” Mr. Walters said. “We had them put windows on their garage doors, and not have all the garage doors facing the street, add earth-tone colors to the sidewalk.”

He said such features help keep the apartments all rented. He noted other newer apartments in Perrysburg such as The Residences at Carronade and Waterstone Landing.

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