Affordable Community Changes Hands in Columbus
The sale of Winchester Lakes involved two loans, one in the amount of $17.7 million and other loan of $3.5 million.
Pirhl, a Cleveland-based developer and contractor, has purchased Winchester Lakes, a 150-unit affordable community in Canal Winchester, in the southeast metro area of Columbus. Homewood sold the property and, according to Yardi Matrix, the transaction was subject to a $3.5 million loan held by Affordable Housing Trust for Columbus and Franklin County, and a $17.7 million loan held by RED Capital Group, who recently also arranged a $7.8 million construction loan for the adaptive reuse of an historic Landisville, Pa., building.
Located at 6655 Kodiak Drive, Winchester Lakes Apartments is near Highway 33, providing easy access to downtown Columbus, which is within 14 miles. Shopping, dining and retail venues are very close to the asset with Winchester Square Shopping Center within a five-minute drive.
Completed in 1996, the asset spreads across 18 two-story buildings. The 90 two-bedroom units have 900 square feet each, and the 60 three-bedroom units average 1,200 square feet and have private balconies. Common-area amenities include a playground and 262 parking spaces.
Image courtesy of Yardi Matrix