OH Portfolio with 456 Units Changes Hands
The transaction includes three communities located within the Westland submarket of Columbus. All properties have a 90 percent or above occupancy rate.
AndMark has extended its portfolio with a Columbus, Ohio buy, a market that has shown the fastest growth among major Midwestern cities. The transaction, which was subject to Fannie Mae loans, incorporated three communities belonging to Capital SMART, namely 196-unit Bolton Estates, 196-unit Hidden Creek and 64-unit Creekbend. Located in the city’s Westland submarket, close to Interstate 270, the properties, which have an over 90 percent occupancy rate, will be managed by Towne Properties.
196-unit Bolton Estates is located at 5400 Lindbergh Blvd. and spreads across 12.6 acres. According to Yardi Matrix data, the sale of the asset was subject to an $11.7 million loan held by Fannie Mae. Completed in 1990, all of the 68 one-bedroom and 128 two-bedroom units of the property include washer/dryers, and common area amenities include a swimming pool and covered parking.
Hidden Creek also has 196 units. According to public records, the property sold for $14.9 million and the transaction was subject to a loan in the amount of $12 million, funded by Fannie Mae. Located at 4800 Hall Road and completed in 1972, the one-, two- and three-bedroom units of the asset spread across 22 buildings and range from 600 to 1,160 square feet. Communal amenities include a clubhouse, playground and laundry facilities.
Creekbend Apartments is located at 1048 Regentshire Drive. Built in 1989, the 64 one- and two-bedroom units spread across eight one-story buildings. The sale of the asset was subject to a $3.7 million loan.
Images courtesy of Yardi Matrix