Garden-Style Community Changes Hands in OH

A private investor purchased Fair Oaks, a 29-building property in the Far South submarket of Columbus, using a $5.1 million loan.
Fair Oaks
Fair Oaks

Fair Oaks, a 116-unit Columbus community, has changed hands between two private investors. According to Yardi Matrix data, the sale was subject to a $5.1 million loan originated by CoreVest Finance. The garden-style property is in the southeast area of the metro, close to Winchester Park, a 344-unit asset which recently traded for $21 million.

Located at 1683 Smith Road, Fair Oaks is within 5 miles of downtown Columbus, in the city’s Far South submarket. The community is close to Interstate 50 and Highway 104 and Lou Berliner Sports Park is within a 15-minute drive. Nearby Lockbourne Road provides several dining and shopping establishments. 

Completed in 1963, the 29 two-story buildings of Fair Oaks spread across 7.3 acres. All the units are two-bedroom and have 850 square feet. Common-area amenities include a basketball court, a playground, laundry facilities and 120 grade-level parking spaces. The community also has a stand-alone rental office. As of January, Fair Oaks was fully occupied. 

Image courtesy of Yardi Matrix