Trilogy Acquires Columbus-Area Apartments

The firm has purchased The Mirada in Lewis Center, Ohio, which was 95 percent leased at the time of sale.
The Mirada. Image courtesy of Trilogy Real Estate Group

Trilogy Real Estate Group has expanded its Columbus, Ohio, area portfolio with a nearly fully leased Class A multifamily community. Trilogy acquired The Mirada in Lewis Center, Ohio, from Vision Development with the help of a nearly $27 million Freddie Mac loan that was arranged by CBRE, according to Yardi Matrix data.

The Mirada offers 256 units through studios, one-, two-, three-bedroom floorplans that range in size from 354 to 1,316 square feet. The 224,635-square-foot community sits on a 9-acre site that includes amenities like a heated outdoor pool, grilling area, sand volleyball court, clubroom, game area, fitness center and dog park. A company spokesperson told Multi-Housing News that the property was built in 2018 and Trilogy has no plans to renovate, reposition or rebrand the property.

Located at 1 Mirada Drive N., The Mirada is 2 miles north of Interstate 270, connecting the property to downtown Columbus and other suburban employment nodes. The surrounding area’s major employers include JPMorgan Chase, Honda, Nationwide, Amazon and Anheuser-Busch.

SHORT- AND LONG-TERM VALUE

Neil Gehani, founder & CEO of Trilogy, said in prepared remarks that The Mirada was an attractive investment and that it would perform well in the short- and long-term. A company spokesperson told MHN that the new acquisition was expected to perform well in the short-term due to its high occupancy and financial performance. As for the long-term outlook, Trilogy’s property management division would operate the property to maintain and add value to the property before Trilogy ultimately sells the property in the future, the company spokesperson also told MHN.

Trilogy also owns three other nearby multifamily properties in the Columbus, Ohio area. In Columbus itself, Trilogy’s portfolio includes the 324-unit Bradford at Easton and 292-unit Central Park Apartments. The company also owns the 218-unit Kenyon Square in Westerville, a northeastern suburb of Columbus. Outside Ohio, Trilogy sold a 375-unit community in Eden Prairie, Minn., for $61 million, amounting to a $20 million profit, in 2018.