Marcus & Millichap brokered the sale of The Gemma, a new-construction, mixed-use, 24-unit apartment property with retail in Columbus, Ohio. The transaction also included the neighboring Carriage House, a new-construction two-townhome building.
Matt Snyder and Lisa Sickinger, investment specialists in Marcus & Millichap’s Cincinnati office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer is a partnership between Maitland Property Management and ARZ Realty Capital, both from Dallas, Texas. Maitland Property Management has taken over as the property manager for both The Gemma and The Carriage House. The financing was arranged by Ari Raskas of ARZ Realty Capital.
The Gemma is located at 1131 Oak St. in the Olde Towne East neighborhood of Columbus. Olde Towne East is going through major renovations due to steady growth from new young families moving into the area. Just two-miles from downtown, Olde Towne East provides a convenient location to many growing businesses including Nationwide Children’s Hospital and the Wexner Medical Center. Columbus has experienced massive growth, and it is just getting started. It is predicted that population will double by 2050. “We plan on investing more into Columbus, Ohio,” says Jimmy Hsueh of Maitland Property Management.
Maitland Property Management owns and manages commercial real estate throughout the United States and have been in business since 1999.