A private investor has purchased the Tamarack Arms Apartments, a 54-unit Class C community in Columbus, Ohio, for $1.6 million. Pinnacle Financial Partners provided a 10-year Freddie Mac loan of nearly $1.3 million to finance the acquisition, according to Yardi Matrix.
Income Property Organization’s Paul McHugh brokered the transaction.
The seller had picked up the asset as part of a $3.4 million, 270-unit portfolio acquisition in October 2014 from KC Venture Group.
Located at 4645 Tamarack Blvd. in Columbus’ Northland submarket, the property is a stone’s throw from the Morse Road retail corridor, home to numerous restaurants and big-box retailers. Interstate 71 is positioned 1.5 miles to the west, and the Central Ohio Transit Authority operates a bus route located on-site.
The community’s single, three-story building opened in 1971 and contains 41 one-bedroom and 13 two-bedroom apartments, ranging in size from 650 to 1,050 square feet. On-site amenities include laundry facilities and 108 parking spaces. The asset was 96.3 percent occupied as of June, per Yardi Matrix data.
Earlier in July, AMG Realty sold a 66-unit Class C community in the North Linden submarket for $2.1 million.
Image courtesy of Yardi Matrix