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TOLEDO, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AERC) has sold its Toledo apartment portfolio. The portfolio totals 1,060 units and consists of four properties located in Toledo: The Cloisters, located at 5987 Thunder Hollow Dr.; Country Club, located at 1130 Pine Valley Rd.; Hawthorne Hills Apartments, located at 1817 Brownstone Blvd.; and The Woodlands, located at 2423 Cheyenne Blvd. The portfolio was sold to a privately held apartment company for an undisclosed amount that equates to a 7 percent capitalization rate. Marcus & Millichap assisted in negotiations.