Monarch Investment and Management Group has purchased Ardsley Ridge Townhomes & Apartments, a 238-unit garden-style community in Reynoldsburg, in the eastern part of Columbus, Ohio. Forum Real Estate Group sold the asset in a transaction that, according to Yardi Matrix data, included a $15.3 million loan held by Fannie Mae and originated by Berkadia. At the time of sale, the asset had a 94.5 percent occupancy rate.
Located at 735 Marlan Ave., Ardsley Ridge is 14 miles east of downtown Columbus. Several dining, retail and entertainment venues are within a 3-minute drive, including Reynoldsburg Shopping Center. The property is within walking distance of Civic Park.
Completed in phases in 1960, 1974 and 1978, Ardsley Ridge encompasses 16 one-bedroom, 130 two-bedroom and 92 three-bedroom units across 24 buildings. The units average 992 square feet and include amenities such as air conditioning, fully equipped kitchens and washer/dryer connections. Among the common-area amenities of the property are tennis and volleyball courts, a swimming pool, playground, fitness center and laundry facilities.
Earlier this year, Monarch Investment and Management Group purchased a $180 million St. Louis portfolio consisting of six garden-style communities totaling 1,970 units.
Image courtesy of Yardi Matrix