OH Community Sells for $15M
- Apr 25, 2019
Cordoba Real Estate Group has sold Commons at Water’s Edge, a 432-unit community in Columbus, Ohio. In an off-market transaction, Link Real Estate Group acquired the asset for $15 million. According to Yardi Matrix data, the property traded at 10 times the previous purchase price in 2010, when Water’s Edge changed hands through a trustee sale.
Income Property Organization brokered the deal and secured a $12 million Fannie Mae loan originated by Arbor Commercial Funding, which is set to mature in 2031. At the time of the transaction, the community was 92 percent occupied and marketed as a value-add opportunity in an area.
Located at 4653 Refugee Road in Franklin County, Commons at Water’s Edge is 9 miles southeast of downtown Columbus, near Big Walnut Creek, with several parks in the vicinity. Interstate 270 is less than 1 mile away and John Glenn Columbus International Airport is within a 20-minute drive.
Commons at Water’s Edge has 45 buildings constructed in 1974 on a nearly 16-acre site. The unit mix consists of one- and two-bedroom units of 650 and 950 square feet, respectively. Common-area amenities at the include a fitness center, tennis court, swimming pool, playground, clubhouse and 450 parking spaces.
In February, Income Property Organization also facilitated the sale of a 96-unit community located 17 miles north of Commons at Water’s Edge. AMG Realty Group sold the property to an out-of-state investor.