After recently purchasing a 168-unit student housing property in Fort Myers, Fla., Coastal Ridge Real Estate has purchased The Edge at Arlington, a 229-unit community in Columbus, Ohio. The new owner will also manage the asset sold by Morgan Management. According to Yardi Matrix data, the sale was subject to a $10 million loan held by Freddie Mac, and the property had an 86 percent occupancy rate at the time of transaction.
The Edge at Arlington is located at 5026 Dierker Road in Northwest Columbus, south of Ohio State University Airport. The community is within walking distance of Northwest Park and is close to dining and retail venues, including nearby Northwest Center. Ohio State University is within 5 miles and downtown Columbus is within 10 miles.
The 13 buildings of the asset previously known as LeMans Village are spread across nearly 8 acres and were completed in two phases, in 1968 and 1970. The 112 one-bedroom and 117 two-bedroom units range from 560 to 980 square feet. Common-area amenities include a basketball court, swimming pool, 12 laundry facilities, detached garages, open air courtyards and walking and biking trails.
Image courtesy of Yardi Matrix