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Oct. 20, 2012

Residents Arrive at Grandview Yard’s First M-F Complex

By Adrian Maties

Residents have started moving into the Apartment at the Yard complex, the initial multi-family component of the Grandview Yard mixed-use development in Grandview Heights.

Nationwide Realty Investors Ltd., Grandview Yard’s master developer, announced that contractors are wrapping up construction of the first of three four-story buildings. All 46 units of the first building are already fully leased. The second and third buildings are scheduled for completion in early 2013.

“We have delivered our first fully-finished units ahead of schedule, with the remaining units leasing fast.” Nationwide Realty Investors’ President and CEO Brian Ellis commented. He added, “Grandview has proven to be an attractive market for young professionals who love the neighborhood feel and want to be near downtown.”

Apartments at the Yard will consist of three four-story buildings, U-shaped in plan. The apartments will be a mix of one-bedroom and two-bedroom units and townhouses.  Monthly rents will range from $995-$1,255 per month for one-bedroom apartments; from $1,375-$1,855 for two-bedroom units; and from $1,825-$2,095 for town homes. All units will feature private terraces or patios, ceramic tile or wood flooring, stainless steel appliances, walk-in closets, washers and dryers and secured key fob access.Amenities at the community, which will be pet-friendly, will include a swimming pool, hot tub and a grilling area.

Population and employment growth in the Columbus metropolitan area have boosted multi-family fundamentals and prompted developers to start building. Marcus & MIllichap Real Estate Investment Services Inc. expects vacancy to drop to 6 percent this year with average rents reaching $701 per month and effective rents rising to $665 per month.

Grandview Yard encompasses nearly 100 acres on the site of the former Big Bear warehouse.  Nationwide Realty Investors plans between 1.5 million and 2 million square feet of office and retail space and more 600 residential units.

Grandview Yard is also the first project in the Midwest registered for certification for the U.S. Green Building Council’s LEED for Neighborhood Development.

Photo credits: www.grandviewyardapartments.com.

Charts courtesy of Marcus&Millichap.
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