After recently acquiring a 165-unit community in the Buckhead submarket of Atlanta for $39 million, The Connor Group has refinanced The Estates at New Albany, a 428-unit garden-style community in northeast Columbus. Sold by UBS Realty Investors, the asset was 95.3 percent occupied at the time of the transaction.
According to Yardi Matrix data, the sale was part of a portfolio transaction that included nine properties across several states. The Freddie Mac loan for the portfolio totaled $382.5 million, of which The Estates at New Albany was refinanced for $54.3 million.
Located at 4701 Rexwood Dr., the asset is across the street from Blendon Woods Metro Park and within walking distance of several retail venues and a storage facility. Stoneridge Plaza is within an 8-minute drive and nearby interstate 270 provides easy access to downtown Columbus, which is within 13 miles.
Completed in 1998, The Estates at New Albany encompasses 104 one-bedroom, 207 two-bedroom and 117 three-bedroom units spread across 42 buildings. The units range from 889 to 1,555 square feet and all include washer/dryer hookups. Common-area amenities include a resort-style swimming pool with sundeck, nature and fitness trails throughout the property, a pet park, game room, fitness center and several laundry facilities.
Image courtesy of Yardi Matrix