Fortress Real Estate Cos. and Hallmark Communities have begun move-ins at Gateway Lofts, a luxury community in Columbus, Ohio. The joint venture received a construction permit in May 2018 to build the property, after securing a $26.1 million construction loan from WesBanco Bank, according to data available on Yardi Matrix. The community is scheduled to encompass a total of 269 units once entirely complete in 2020.
The building is located at 2211 Dublin Road, near Upper Arlington and Grandview, in an area that has been popular for development and investment in recent quarters. The community will offer one- and two-bedroom units that range in size from 600 to 1,056 square feet. Apartments are pet friendly and equipped with stainless steel appliances and granite countertops. They also feature wood-plank style flooring as well as in-home washers and dryers. Amenities include a resort-style pool, sundeck, business center and a tanning bed. The property is in close proximity to Scioto Country Club, the Ohio State University campus and downtown Columbus.
Investors’ interest in student housing was on the rise last year, with a record $10.8 billion in sales volume, according to a Savills report. Annex Group’s CEO Kyle Bach expects demand to remain strong as interest rates are falling. The only impediments to faster deliveries that he sees in the market are high construction costs as well as challenges in finding qualified subcontract labor.