Top 10 Multifamily Projects Under Construction in Ohio
- Oct 13, 2020
Since our last look at the Top 5 markets for multifamily development in Ohio, we rounded up the Top 10 multifamily projects under construction in the state. Columbus led Ohio’s top metros for development activity with roughly 6,500 units underway, followed by Cincinnati with more than 3,800 units and Dayton with some 2,700 units.
Yardi Matrix data shows that some 16,282 units, across 105 properties, were underway in Ohio as of September. Half of the total properties underway are in Dayton. Development activity decreased compared to data from May which recorded nearly 18,000 underway units across six metros: Columbus, Cincinnati, Dayton, Cleveland-Akron, Toledo and Youngstown. This may be because some properties were completed in the meantime, while new starts may have lagged due to ongoing economic uncertainty.
Located at 8383 Brandt Pike, Parkview offers a mix of 310 one-, two- and three-bedroom units ranging from 724 to 1,882 square feet. Columbus-based real estate developer Metropolitan Holdings is both the management company and construction company for this project.
Parkview marks the first community for the company in the Dayton region, with most of its other developments located in the Columbus area. Preleasing at the community started in December 2019, and, as of September, the property was 18 percent preleased. Parkview will include common-area amenities such as a clubhouse with a community room, secure package lockers, fitness center, designer pool, grilling area, fire pit area and a valet trash program.
9. Westbrooke Village Redevelopment
The Westbrooke Village Apartments are being rebuilt following severe damage from the Memorial Day tornadoes. Cada Properties Managing Member Daniel Penn noted that rebuilding was a priority. Cada Properties owns the 312-unit Westbrooke Village—located at 5530 Autumn Hills Drive—which consists of 13 two-and-a-half-story buildings on nearly 22 acres. The community will offer one- and two-bedroom units averaging 750 square feet.
Allure is a 312-unit community located at 350 Arden Way on a 14.6-acre plot of land. The property is the first apartment complex being developed by a partnership between Cincinnati-based Hills Properties and Mills Development. The community offers a mix of one- and two-bedroom units averaging 1,134 square feet.
Owner Hills Properties received a $33.7 million construction loan in September 2017 funded by PNC Bank. The seven three- and four-story buildings are scheduled for completion later this year. Allure will offer a variety of amenities, including two courtyard common areas, two-story fitness center and yoga room, conference room, resident lounge and cafe, and pool area. Additionally, each building also will have its own parking garage.
7. Bridges of Pine Creek
Located at 3771 Cornell Drive, on 21.2 acres, Bridges of Pine Creek is a 302,755 square-foot apartment community situated four miles northwest of downtown Dayton, Ohio. Direct Source Wealth Inc.’s 315-unit community will consist of one- and two-bedroom units ranging from 760 to 1,065 square feet. The 19 two- and three-story buildings will feature common-area amenities such as a playground, laundry facilities, bark park and 351 parking spaces. The community reached 96 percent preleasing as of September.
6. The Lumen
Playhouse Real Estate Services has expanded its portfolio with the Cleveland-Akron area’s largest project underway—The Lumen, a $135 million project in downtown Cleveland in an Opportunity Zone. Located at 1600 Euclid Ave., on a 1-acre site at the corner of Euclid Avenue and East 17th Street, the project will replace the parking lot across from the Connor Palace.
The 34-story tower will consist of a mix of penthouses, one- and two-bedroom 318 units ranging from 571 to 2,000 square feet, 550 parking spaces and 22,000 square feet of amenities. The Lumen was 25 percent pre-leased as of September.
5. Founders Park
Thrive Cos.’—formerly known as Wagenbrenner Development—Founders Park will be a mixed-use community set to include 342 rental units, 38 single-family housing units, 50 for-sale townhomes, a 200-unit senior living community and roughly 7,000 square feet of retail space, as well as a 160-key hotel and a 6-acre park. The first phase of apartments is scheduled for completion in early 2021. The property is subject to a 40-year $53.5 million construction loan issued in April 2019 by Columbus-Franklin County Finance Authority. In 2016, Thrive Cos., along with partners Daimler Group, Continental Real Estate, Fortress Real Estate and M/I Homes, entered a proposal to redevelop the surface parking lot to the South of the Battelle main campus and was awarded the contract to purchase the land and redevelop the site.
4. Artistry Cincy
The $78 million Artistry Cincy is a seven-story building at 601 Pete Rose Way, in one of downtown Cincinnati’s federally designated Opportunity Zones. Milhaus Development is replacing an existing surface parking lot, and, upon completion at the end of 2021, the property will consist of 344 one-, two- and three-bedroom units, 8,000 square feet of commercial space and 390 parking spaces. This development will be Milhaus’ third project in the Cincinnati market and its second project to be built in an Opportunity Zone. For Artistry Cincy, the company will work with local artists to complete large-scale permanent pieces on the exterior of the building and rotate pieces in the property’s 2,500 square feet common gallery space.
3. Lofts at Norton Crossing
Continental Real Estate Cos. has started construction on a 360-unit community at 4657 E. Broad St. in Columbus. The three-story property is situated in an Opportunity Zone near John Glenn Columbus International Airport, downtown Columbus, Defense Supply Center Columbus and Mount Carmel Hospital. The company received a $35 million construction loan from Huntington National Bank in June 2019. Upon completion, the mixed-use community is set to offer a mix of one- and two-bedroom units ranging from 600 to 1,100 square feet, 50,000 square feet of office and 20,000 square feet of retail space.
2. Gateway Lofts
Located at 701 E. Alex Bell Road, on 13.7 acres, Hallmark Campus Communities’ 13 three-story buildings are set to feature one- and two-bedroom units ranging from 647 to 1,066 square feet. Mills Development and Hills Properties, which built Allure, are building the Gateway Lofts. The community started preleasing in April this year, and, as of June, it was 24 percent preleased.
1. Beulah Place
The $350 million redevelopment of Grove City’s Beulah Place will replace the 220-acre horse racing track in the middle of the city. The redevelopment started last year, five years after the last horse race was held at the track. Upon completion later this year, the 12-building community will total 384 units. Located at 3451 Kells Way, the project is adjacent to various dining, retail and entertainment venues including the Grove City Area Chamber Farmers’ Market and the George Edge Music Park. Beulah Place is part of a bigger master plan which will include five other communities: The Paddock, the Courtyards, the Grove, the Townhomes and retirement community Danbury.