Exclusive: Morgan Properties Snaps Up New Ohio Community
The buyer got a $42.6 million Fannie Mae loan.
Morgan Properties has purchased Buckstone Flats, a 288-unit community in Obetz, Ohio, from JBM Development, according to Yardi Matrix information. Newmark issued a $42.6 million acquisition loan bearing a 5.24 percent interest rate and scheduled to mature in September 2033.
This is the first time the property has changed hands since JBM Development delivered it in 2024. The community comprises 14 three-story buildings across a 14-acre site at 1260 Seward Drive. The community offers 36 one-bedroom, 234 two-bedroom and 18 three-bedroom units. Amenities include a fitness center, clubhouse, swimming pool and grade-level parking area.
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Located 9 miles south of downtown Columbus, Ohio, Buckstone Flats is near the city’s Outerbelt. Other major thoroughfares in the area include Interstate 71, U.S. Route 23 and Ohio State Route 104. The property is also 5 miles northwest of Rickenbacker International Airport.
Morgan Properties continues Midwestern acquisition streak
Recent multifamily transaction activity across Columbus includes the sale of Hilliard Pointe, a 218-unit property in the metro’s Hilliard suburb. Nimes Real Estate acquired it last month using a $22.9 million loan originated by Newmark.
Similarly, Morgan Properties has made several acquisition in the Midwest over the past quarter, all in the state of Indiana. Namely, the firm purchased The Ridge a 360-unit community in Merrillville, as well as two-property portfolio in Fort Wayne—the 248-unit Pointe Inverness and Willows of Coventry. Currently, Morgan Properties’ multifamily portfolio in Fort Wayne totals 3,421 units, according to Yardi Matrix information, while its overall Midwest properties total more than 19,570 units across 63 communities.
