Tricap Acquires Ohio Community for $8.3M
- Dec 17, 2012
Columbus, Ohio—Tricap recently announced it has finalized the acquisition of Residences at Sawmill Park, a community in Columbus, Ohio. The company made the acquisition on behalf of a private investment group. Tricap will also serve as property manager for the community. The community was purchased from Preferred Living for $8.3 million.
“This deal represents the next stage for us as we expand into a regional firm managing and acquiring properties throughout the Midwest,” Bryan Pritchard, founder and principal of Tricap, says. “We’re exploring a number of opportunities in the region, and we’ve had our eye on Columbus for quite a while as an up-and-coming Midwestern city with a diverse employment base. When the opportunity came along to collaborate on this deal with one of our long-term clients, it was the ideal next step to establish ourselves in a strong, stable market where we intend to grow our business over the next several years.
Residences at Sawmill Park is a 120-unit community. It is a garden-style community that features eight three-story buildings with one-bedroom, one-bathroom units and two-bedroom, two-bathroom units.
Tricap also plans to renovate much of the 10-year-old community.
“In Chicago we’ve become experts at evaluating the expected finish level in any given neighborhood to determine what improvements are appropriate for a property, and we’re applying the same process in Ohio,” Prichard says. “We see the opportunity for enhancements like wood floors, granite counters and upgraded appliances that will easily allow us to command higher rents in the marketplace.”
Pritchard feels that the Residences at Sawmill Park is a good investment for Tricap, particularly because of the location. The community is located in a good school district and features a strong local job market.
“We’ve done our homework and set ourselves up for success in a market that’s strong and growing and with a property that covers all the bases when it comes to appealing to renters,” Pritchard says. “We’re excited to have our foothold in Ohio and are eager to build on this momentum as we strengthen our presence in the area.”
The Residences at Sawmill Park community is already 98 percent occupied.