Halstatt Real Estate Partners, in a joint venture with Coastal Ridge Real Estate, has completed its financing for the construction of Stilwell Jerome, a 230-unit build-to-rent gated community in Columbus, Ohio. After its completion, the community will be a component of Coastal Ridge’s 1,700-acre Jerome Village master-planned development.
Stillwell Jerome will feature 230 single-family BTR residences, each with their own private entrances, backyards and patios. The community’s amenities include a clubhouse, a fitness center, a communal kitchen, a game room, a swimming pool and an outdoor event space. The entire development will be situated within 20 miles of downtown Columbus and is close to many other suburban developments and neighborhoods, complete with numerous schools, parks and retail attractions.
Columbus market improves
The announcement of Stillwell Jerome happens as nearly all indicators of the Columbus multifamily market trend positive coming off a year of record-setting transaction volume and unit deliveries, as the city cements itself as one of the more affordable yet amenity-rich markets in the Midwest. Despite a slowdown in construction, the city’s vacancy rate has fallen by 220 basis points year-over-year, alongside rent increasing by 12 percent in the same period, according to data from a second-quarter 2022 report from Marcus and Millichap.
For their part, single-family rentals have seen accelerating demand, with rates rising 14.8 percent year-over-year, owing to the city’s considerable job growth in the government and professional service sectors, Yardi Matrix data shows.
Other Columbus-area multifamily projects currently underway are Kaufman Development’s Green|House, a 158-unit luxury community in the city’s Short North Arts District, as well as LV Collective’s announcement of an 885-bed student housing community for students of Ohio State University.