A private individual has acquired Olde Towne University Square, an 832-bed student housing complex near the University of Toledo, for almost $19 million — a deal that marks the first dedicated student housing trade in the Toledo school market this decade. The 291-unit property at 1744 N. Westwood Ave. sold for roughly $65,227 per bed, with the buyer financing the purchase through a $16.3 million Freddie Mac loan set to mature in 2031.
The sale closed under Blackstone's American Campus Communities, according to Multifamily Housing News, which first reported the transaction. Berkadia Commercial Mortgage originated the buyer's loan, and the deal was brokered by the firm's Student Housing Investment Sales team. Senior Managing Director Kevin Larimer, who led that team, has advised on more than $7.8 billion in total student housing sales spanning over 120,000 beds nationwide.
Blackstone completed its roughly $12.8 billion take-private acquisition of American Campus Communities in 2022. As of June 30, 2022, ACC owned 166 student housing properties, according to Blackstone.
A Property Built for Campus Life
Built in 2005, the complex sits on almost 9 acres and is listed as one three-story building, per Lucas County tax parcel data compiled by Redfin.
The property sits within walking distance of the University of Toledo campus and the Glass Bowl stadium, Multifamily Housing News reports. Franklin Park Mall is about 4 miles away, while downtown Toledo lies within 7 miles to the southeast. Edge 1120, a 592-bed community, last changed hands in April 2018, according to Apartment Finder.
Enrollment Swings Shaped the Timing
The sale lands amid a turbulent stretch for University of Toledo enrollment. Total headcount dropped 32% over a decade, falling from 20,648 students in Fall 2016 to 14,029 in Fall 2025 due to regional demographic shifts and declining international admissions, according to the university. WTOL 11 reported Spring 2025 enrollment and fall-to-spring retention figures for UToledo.
That decline appears to be reversing. The university reported positive enrollment growth among incoming high school graduates and a 17% increase in transfer students for Fall 2026 — the first positive new-student recruitment trend since 2018, according to WTOL 11's reporting.
Agency Debt Greases a Middle-Market Deal
The buyer's financing reflects a broader pattern in student housing lending. Freddie Mac's securitized student housing loan purchase volume rose to $2.721 billion in 2025 from $1.750 billion in 2024, bringing its cumulative financing volume to over $23 billion across more than 1,110 loans since 2010, per Freddie Mac Multifamily data. The Federal Housing Finance Agency set 2026 lending caps for Freddie Mac and Fannie Mae multifamily purchases at $88 billion each — $176 billion combined — a 20.5% expansion over 2025 caps, according to Cornovus Capital.
Market analysis from Walker & Dunlop found that private individual buyers dominate student housing acquisitions under $50 million using lower leverage, while middle-market trades between $25 million and $75 million make up the majority of overall sector sales volume. The Toledo deal also involved a private individual buyer.
LivCor's broader portfolio comprises more than 400 residential properties totaling north of 150,000 units across the U.S. The firm sold U Club Townhomes at Oxford, a 528-bed property, to College Town Communities in March 2026 — another sign that LivCor has been actively trimming its student housing holdings beyond just the Toledo asset.
