POAH Acquires Columbus-Area Multifamily Portfolio
The deal included Waggoner Grove, a partially affordable Class B suburban community with 175 units, and 50 condominiums in the area.
Preservation of Affordable Housing has purchased a Columbus, Ohio, multifamily portfolio, which included the 175-unit Waggoner Grove and 50 condominiums, according to data provided by Yardi Matrix. Citibank originated a seven-year, $6.5 million Freddie Mac acquisition loan for the buyer. The seller was National Church Residences, which purchased the community in 2005.
Waggoner Grove is located at 751 Chestnut Grove Drive in Blacklick, Ohio, and has a mix of two-, three- and four-bedroom units, 122 of which are affordable. Floorplans range from 863 to 1,231 square feet. The 17-building community includes an on-site lake, a playground and laundry facilities.
The Class B community was completed in 2003 using Section 42 tax credits. It is located 1.5 miles from Broad Street Plaza East, some 15 miles northeast of downtown Columbus and 10 miles east of the metro’s airport.
Columbus’s housing market is no exception to the affordability crisis that has been affecting the nation. According to Aaron Gornstein, president & CEO of POAH, a report from the National Low-Income Housing Coalition found a nationwide shortage of seven million affordable and available rental homes for extremely low-income renters. Gornstein expressed optimism that there will be increasing resources for the affordable housing program given federal tax reform and the stabilization of the low-income housing tax credit investor market.