The Connor Group ended 2013 in force, adding another property to its Columbus portfolio. The Centerville-based firm acquired Lennox Flats for $17 million from Kinnear Road Redevelopment L.L.C.
Located at 815 Kinnear Road near downtown Columbus. The community features 194 one- and two-bedroom apartment units with five different floor plans. Amenities include a resort-style swimming pool, 24-hour fitness center, private theatre, bike racks, patio and grill area. Lennox Flats is within walking distance of some of the city’s leading entertainment, sports and shopping destinations. The Ohio State University campus, Ohio Stadium, the Lennox Town Center, and the Short North Arts District are all within walking distance.
The Connor Group now owns nine communities in Columbus, and managing partner Larry Connor likes what he sees. “We tend to do really well in markets with large universities, markets with state government and markets with a large number of renters by choice,” he noted in a statement. “Columbus has all those characteristics.” The Connor Group also owns apartment communities in Dayton and Cincinnati, as well as Atlanta; Austin, Texas; Charlotte, N.C.; Dallas, Nashville, Tenn.; and North Carolina’s Raleigh-Durham market.
Marcus & Millichap Real Estate Investment Services estimates that 2,300 units will come online in the Columbus area in 2014. Vacancy will rise to 5.2 percent by the end of the year, but average monthly rents will climb 1.3 percent to $770. That increase would be slightly smaller than last year’s, when rents rose 1.7%.
Columbus’ high occupancy and strong performance are likely to attract investors this year. As owners hold on to assets, buyers will be competing for a limited number of listings, nudging higher property values upward.Photo credits: www.lennoxflats-apts.com Charts courtesy of Marcus & Millichap.