29th Street Capital Buys South Columbus Community
The buyer financed the purchase with a $23.8 million Freddie Mac loan from Newmark Knight Frank.
Crawford Hoying has finalized the disposition of Steeplechase Village, a 403-unit community in Columbus, Ohio. 29th Street Capital acquired the property. Newmark Knight Frank originated a seven-year, $23.8 million Freddie Mac loan for the buyer, according to public records. The asset last changed hands in 2005, when the seller acquired it for $23.5 million from a private investor, Yardi Matrix shows.
Located on 102 acres at 1552 Pine St., the property consists of 163 buildings completed in 1997. The community has two-, three and four-bedroom floorplans ranging from 1,200 to 3,100 square feet. Situated next to Rickenbacker International Airport, the site is 13 miles south of downtown Columbus. Steeplechase Village is close to a number of industrial employers, including CEVA Logistics and American Health Packaging, as well as Army and Air National Guard bases.
In March, 29th Street Capital also purchased Southern Cove, a 180-unit Class B community in Tampa, Fla. Berkadia originated a three-year, $17.8 million Freddie Mac loan for the value-add acquisition.