Leste Group’s real estate debt and structured equity arm and SAR Apartment Capital have completed the $23.6 million acquisition of four multifamily properties in Columbus, Ohio, with a total of 556 apartments.
The properties in the portfolio include:
- Winterwood Apartments, a 4-acre, 135-unit complex located at 4388 Walford St.
- Winterwood Gardens, a 3-acre, 99-unit building located at 1980 Belcher Drive
- Tall Oaks Apartments, a 7.8-acre, 160-unit community located at 2300 Fitzroy Place South
- East Worthington, a 9.1-acre, 162-unit property located at 869 E. Dublin Grandville Road
All four properties are located in the Northeast submarket of Columbus, which has enjoyed healthy demand during the past decade. Middle-class, workforce housing is driving demand in the submarket and represents nearly half of all units rented there year to date. Rent growth has also performed well in recent years, with average annual gains of 5.8% during the past three years.
The four communities will undergo renovations of both exterior and interior spaces. Exterior updates will include new roofs, upgraded landscaping, exterior lighting, new fencing, and new signage. Interior renovations will feature new bathrooms and kitchens, new flooring, and updated appliances, including new AC units. Common areas, including lobbies, clubhouses and leasing offices, will receive new floors and other renovations, as will pools and fitness centers.
