Following the acquisition of Winchester Park for $21 million, Hamilton Point Investments has sold The Enclave at Albany Park, a 156-unit community in Westerville, Ohio. Preserve Partners purchased the asset for $14.8 million.
According to Yardi Matrix, the new owner assumed the $10.6 million outstanding balance of an $11 million loan held by Fannie Mae. The property was 96.8 percent occupied at the time of the transaction.
Located at 4955 Enclave Blvd., The Enclave at Albany Park is 14 miles northeast of downtown Columbus. The community is adjacent to Blendon Woods Metro Park and is close to Highway 161. Nearby shopping, retail and entertainment venues include Stoneridge Plaza and Easton Town Center shopping center, both within 5 miles of the property. Otterbein University is within a 15-minute drive.
Completed in 2001, the community encompasses studios, one- and two-bedroom units with floorplans ranging from 514 to 1,012 square feet. Common-area amenities include controlled access, a resort-style swimming pool, a fitness center, a clubhouse and 230 parking spaces.
Image courtesy of Yardi Matrix