Marcus & Millichap Inc.
10/14/2025 | Press release | Distributed by Public on 10/15/2025 10:14
Marcus & Millichap Arranges $2.86M Sale of 48-Unit Multifamily Property in Paulding, Ohio
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Marcus & Millichap Arranges $2.86M Sale of 48-Unit Multifamily Property in Paulding, Ohio
October 14, 2025
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PAULDING, Ohio, Oct. 13, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Whispering Pines, a 48-unit multifamily property in Paulding, Ohio, for $2,855,000.
"We received strong interest immediately upon bringing Whispering Pines to market, fielding four offers in the first week and ultimately closing 3% above list price," said Teddy Kenny, associate investments. "Paulding may be a smaller community, but its proximity to Fort Wayne, a rapidly growing Midwest city, continues to attract investors to the area. With a new data center set to break ground near Van Wert in 2026, bringing an estimated 200 to 250 jobs, we anticipate continued growth in rental demand throughout the region."
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.
"We received strong interest immediately upon bringing Whispering Pines to market, fielding four offers in the first week and ultimately closing 3% above list price," said Teddy Kenny, associate investments. "Paulding may be a smaller community, but its proximity to Fort Wayne, a rapidly growing Midwest city, continues to attract investors to the area. With a new data center set to break ground near Van Wert in 2026, bringing an estimated 200 to 250 jobs, we anticipate continued growth in rental demand throughout the region."
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.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit https://www.MarcusMillichap.com.
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