Grove City, Ohio—Connecticut-based investment company Hamilton Point Investments LLC has purchased a 232-unit apartment building, Collier Park, in Grove City, Ohio for $14.6 million. The company plans to make moderate interior and exterior upgrades to the property, which was built in 2001. The building is comprised of one- and two-bedroom apartments with lake views, fully-equipped kitchens, washer and dryer connections and air conditioning. Collier Park’s location in the heart of Grove City is conveniently situated near downtown Columbus.
This purchase marks Hamilton Point Investments’ third acquisition in the Columbus area, a market that is growing exponentially. Between development in local employment opportunities and the increasing number of students, rental demand in Columbus and its surrounding neighborhoods is rising above the national average. Developers have been expediting construction plans in the area, adding more than 2,300 units to the market annually in the last three years, according to Marcus & Millichape research. Renters are flocking to the downtown and northern sectors of the city, in order to be in close proximity to entertainment options, employers and major corporate centers.
Hamilton Point Investors entered the market last year with its purchases of Schirm Farms in July and Kensington Commons in October. The properties were acquired for $16.6 million and $16.5 million, respectively.