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Jun. 13, 2013

Champion Acquires 352-Unit M-F Complex in Hilliard for $10M

By Adrian Maties, Associate Editor

Westerville-based Champion announced last week that an affiliate has acquired a 352-unit apartment complex in Hilliard for $10.1 million.

Previously known as Twin Creek Apartments, the complex has been renamed Hilliard Village by its new owners. Located on 17 acres near Wilson Road and I-70, the community features a playground, resort-style swimming pool, fitness center, and laundry facility. Hilliard Village offers one- and two-bedroom garden-style apartments as well as two- and three-bedroom townhomes.

“We are going to reposition Hilliard Village over the next six months,” said Brian Yeager, Champion’s president and CEO. “The community has great potential, and we look forward to pumping in a significant capital investment to bring this asset up to its true potential and value.”

The transaction, which closed May 31, was financed by KeyBank for close to $10.5 million, Columbus Business First reported. The seller was a private Boston-based investor that also sold two other apartment communities in Columbus, the Gaslight Village Apartments and Northland Arms.

With the addition of Hilliard Village, the multi-family investment specialist manages 14 apartment communities and more than 3,600 units throughout central Ohio. Also on May 31, Champion also became the owner of Troy Farms, a 304-unit, fully-leased apartment complex in Delaware. In March, it purchased Caleb’s Creek Apartments, a recently completed 108-unit apartment complex in Westerville.

Photo: Champion
Charts courtesy of Marcus & Millichap Real Estate Investment Services Inc..

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