A rental property located on 1015 Acadia Rd. that was part of a 21-house package purchase in Spencerville.
Precious Grundy | The Lima News
SPENCERVILLE — As one door closes another one always opens. For many tenants in Spencerville, the retirement of one landlord led to a fresh start for another.
Hartsock Realty recently sold a house package in Spencerville with a total of 21 homes and 22 units. The properties were listed at $1,359,000 and later sold for $1,260,000. The occupied homes will now be under the ownership of Ten Hearts LLC.
The new owner, Joan Stephens, reportedly owned 6 previous properties and has now purchased additional properties to expand her portfolio.
Realtor Jeff Dulmage weighed in on the purchase.
“The seller was getting towards retirement age and he wanted to move on from doing all the management,” said Dulmage. “There were 21 houses and 22 units. It was a lot. We had his primary house for sale and we talked to him about this. We had sold him probably a third, to begin with. He just decided to sell. It was good for him and good for the person that bought them.”
This is not the first large purchase for the real estate company. Dulmage said they have sold dozens of house packages in the past. He also said the benefit of purchasing a house package is the buyer receives scale or pay right after purchasing the properties.
“I met her (Stephens) at closing and she said they had 6 rentals so this was going to expand their portfolio in a big way,” added Dulmage. “She saw it as a great opportunity. Her husband and son will be working on it, so it is kind of a family project. That is always a positive thing. I think it will be positive for all the tenants in Spencerville.”
The properties are listed below:
• 102 W. Third St.
• 125 E. Union St.
• 206 N. Mulberry St.
• 219 N. Canal St.
• 220 N. Mulberry St.
• 223 N. Canal St.
• 307 S. Mulberry St.
• 318 N. Pearl St.
• 407 N. Main St.
• 404 S. Canal St.
• 408 N. College St.
• 409 E. Fourth St.
• 419 S. Pearl St.
• 420 S. Canal St.
• 505 E. Fourth St.
• 600 Briggs Ave.
• 620 N. Broadway St.
• 624 and 626 Canal St.
• 1015 N. Acadia Rd.
Reach Precious Grundy at 567-242-0351.
