Tailwind Acquires 534-Bed Student Community
CBRE brokered the transaction.
Tailwind Group has acquired Commons on Kinnear, a 166-unit, 534-bed student housing community in Columbus, Ohio. The company paid $21.8 million for the asset and took out a $21 million loan originated by America National Bank, set to mature in 2031, according to public records.
CBRE Senior Vice President William Vonderfecht led the team that brokered the deal. Arizona State Retirement System was the previous owner, Yardi Matrix information shows. The firm purchased the asset in January 2021 from Pierce Education Properties using a $16.5 million Fannie Mae note.
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The new owner plans to implement multiple property renovations over the next six months, including apartments upgrades, as well as improvements to the leasing office and clubhouse. The community will also be renamed under the firm’s Altitude flagship brand.
Commons on Kinnear is Tailwind’s second acquisition so far this year. At the end of January, the firm purchased BLVD Gainesville, a 252-unit, 924-bed student housing community in Gainesville, Fla. The firm is undertaking renovations at that property as well.
A campus-adjacent student community
Located at 1150 Kinnear Road, the community is within walking distance of Ohio State University’s main campus and less than 2 miles from Ohio Stadium. Downtown Columbus is some 5 miles away, while John Glenn Columbus International Airport is 10 miles east.
Completed in 2000, the property consists of three four-story buildings spread across almost 4 acres. The unit mix consists of studio, two-, three- and four-bedroom floorplans, varying in size from 400 to 1,456 square feet. All units are furnished and have washers and dryers.
Common-area amenities include a fitness center, swimming pool and hot tub, game room and a coffee station. The community also has a volleyball court, club lounge with fireplace, study lounge and barbecue grilling stations.
Ohio State University’s student housing expansion
Enrollment at Ohio State University’s main campus for the fall 2024 academic year comprised 61,443 students, according to Yardi Matrix information. The school has almost 15,100 on-campus beds and 7,220 off-campus beds.
Last September, the school ranked as one of the top five Midwestern universities for development. There were 857 beds under construction across 379 units as of September.
