With an expanding economy and relatively affordable housing, multifamily demand continued to increase in Columbus of late. This year—when roughly 1,600 apartments came online in the first two quarters—is on track to have the highest number of units completed since 2013, according to Yardi Matrix data. About 7,300 units are currently under development across the metro, half of which are scheduled for completion by year’s end.
Transaction activity in Columbus has also picked up in the first two quarters of 2018, when 10 properties totaling a little more than 2,100 units changed hands for a combined $266.2 million. This represents an uptick of nearly 80 percent from the same period of 2017.
At the beginning of the year, AMG Realty Group acquired the 66-unit community at 3170 Cleveland Ave. from an individual investor for an estimated $1.3 million. The deal was subject to a $1 million loan from PrivCap Cos. Completed in 1967, the asset comprises one- and two-bedroom apartments ranging from 550 to 890 square feet. Common-area amenities include two laundry facilities and more than 60 parking spaces.
9. Tamarack Arms
In a deal between two individual investors, the 54-apartment Tamarack Arms traded for an estimated $1.7 million. The asset offers one- and two-bedroom units ranging from 650 to 1,050 square feet. At the time of sale, the Class C community was more than 90 percent occupied. The property is located at 4645 Tamarack Blvd., next to a bus station and about 2 miles from Interstate 71. Tamarack Arms, constructed in 1971, offers easy access to various shopping and dining options, such as Asian Grocery, ALDI and China Buffet.
AMG Realty Group, which acquired the asset back in January, sold Cambridge to an individual investor five months later for $2.1 million. The 66-unit community is situated within a few miles of Northern Lights Shopping Center and Amos Shopping Center. Interstate 71 is about 2 miles away, offering convenient access to downtown Columbus. The property is located near multiple schools, including Columbus High School, Huy Elementary School and Innis Elementary School.
7. Arlington Heights
In a deal with an individual investor, Pacific Redwood Investments paid an estimated $3.1 million for the 60-unit community. The sale was subject to a $2.3 million Freddie Mac loan. Located at 2201 Riverside Drive in the Upper Arlington submarket, next to the Scioto Country Club, the asset offers 57 one-, two- and three-bedroom apartments ranging from 600 to 750 square feet. Arlington Heights is situated about 4 miles from interstates 70 and 270, providing convenient access to downtown Columbus and multiple shopping centers, including Great Western Shopping Center, Consumer Square West and Lincoln Village Plaza Shopping Center.
6. Sawbury Commons at Primas Properties
In April, Primas Properties sold the 92-unit asset to Snyder Barker Investments for an estimated $8.1 million. The Union Bank Co. provided the buyer a $6.1 million acquisition loan set to mature in 2028. The new owner selected Homestead America to manage the property, which was roughly 85 percent occupied at the time of sale. Located at 2637 Sawbury Bldv. in the Dublin submarket, about 1 mile from Interstate 270, the 23-building community consists of two-bedroom apartments.
5. Shaker Square
29th Street Capital’s sole property in the metro, the 194-unit community is located at 280 Barkley Place W. The San Francisco-based company paid $11.6 million in February to Everest Properties for the 24-building Shaker Square, which offers two-bedroom apartments. The sale was subject to an $8.7 million Freddie Mac loan originated by Berkeley Point Capital and slated to mature in March 2025. Community amenities include a clubhouse, playground, laundry facilities and about 400 parking spaces. Last month, the buyer also entered the Salt Lake City multifamily market with the acquisition of a 43-unit community.
4. Scioto Ridge
Columbus Metropolitan Housing Authority expanded its portfolio this March with the acquisition of the 152-unit community at 5424 Riverside Drive. The government agency purchased Scioto Ridge from Casto for an estimated $19.8 million with the help of a $14.9 million loan from The Park National Bank. The five-building asset, completed in 2016, consists of one- and two-bedroom apartments ranging from 760 to 1,132 square feet. Situated in Northwest Columbus next to the Scioto River, the property offers convenient access to Walmart Supercenter, The Mall at Tuttle Crossing and Interstate 270.
3. The Chelsea
In two separate transactions, Independence Realty Trust grew its footprint in the metro by more than 500 units. The Philadelphia-based REIT bought the 235-unit Avalon—located at 1820 Holt Road—from Treplus Communities, and the 312-unit The Chelsea—situated at 4120 Quentin Blvd—from The Wolff Co. The 10-building community changed hands for $36.8 million in a deal subject to a $19.5 million loan from Voya Financial slated to mature in May 2049. The Chelsea offers one- and two-bedroom units with an average of 959 square feet, a fitness center, clubhouse, swimming pool and more than 300 parking spaces.
2. Runaway Bay
In a deal with JRK Property Holdings this January, Oro Capital Advisors purchased the 436-apartment community for an estimated $60.3 million. The 18-building asset, located at 1480 Runaway Bay Drive, consists of one- and two-bedroom units ranging from 676 to 1,075 square feet. The property, which was about 95 percent occupied at the time of sale, features a fitness center, business center, clubhouse, tennis court, swimming pool and 680 parking spaces. Runaway Bay offers easy access to multiple public transportation options, while interstates 70 and 670 are less than 3 miles away. At the end of 2017, JRK also acquired a Bay Area community.
1. The Quarry
The Solomon Org.’s acquisition of the 674-unit The Quarry from Connolly Construction tops our list. The New Jersey-based company paid an estimated $121.3 million for the 37-building property at 2550 Quarry Lake Drive in the submarket of Franklinton. The asset offers studios and one- to three-bedroom apartments with an average of 972 square feet. Community amenities include two swimming pools, a volleyball court, spa, clubhouse, business center and fitness center. The asset is situated in the proximity of Shrum Mound and Quarry Plaza.
Images courtesy of Yardi Matrix