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Norwalk apartments under new ownership

Zoe Greszler • Updated Dec 7, 2017 at 12:16 AM

An out-of-town investor has purchased two of Norwalk’s apartment complexes for more than $2.6 million. 

Norwalk investors Bay Coast Properties sold the Fireland’s Village, located on Spring Street, and Washington Manor apartments, on Washington Street, to Elista Norwalk, LLC, based out of Hilliard. Elista purchased the Fireland’s 65 units and Washington’s 56 units for $2,665,000.

This is Elista’s first foray in the city, but spokesman Pone Phet said they believed it was a “good investment.”

The sentiment is not an uncommon one for out-of-town and even out-of-state investors, Huron County Auditor Roland Tkach said. 

For Tkach, the interest makes sense given everything the city has to offer. 

“We have plenty of people looking to invest in Norwalk, lots of them out-of-state people,” he said. “I would say they see the great value of an investment in this area. Really, we have good schools, a (recreation) center, the raceway, a close proximity. We’re only so far from Cleveland and Toledo.

“Living in the downtown area, there’s all kinds of social activities and it’s a great place to live,” he added. “It has great quality of life offerings. It has a lot to offer and I really perceive our area as a low-crime area.”

Phet said the property will remain as apartment complexes, which will receive some improvements.

“There are going to be some improvements made to the places,” he said. “There were some management issues and some needed work issues that have been done for years at the property. And mainly we’ll make sure everything is working properly.”

Phet said the improvement could include “minor cosmetic work, but nothing major,” adding the company had no construction plans to add on or rebuild the complexes. 

“I’m sure they’ll need spruced up some and that’s what we are in the community for,” he said. “There’s about 115 units and (the tenants) are pretty stable, I think. We have about six or seven units that are empty that we’ll have to get rented out soon.”

Phet said Elista owns properties throughout Ohio, including the Tiffin area. 

Bay Coast representatives couldn’t be reached for comment.

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