Jerry Hall, of Columbus-based NAI Ohio Equities, recently assisted a New York investor in the purchase of the 320-unit Coventry East Apartments and the 272-unit Trenton Ridge Apartments.
PNC Bank had initiated foreclosure actions on the distressed assets. Both complexes suffered from moderate deferred maintenance and more than $1 million in delinquent property taxes.
Coventry East Apartments consists of 320 units in 40 two-story buildings at 2005 Noe Bixby Road on Columbus’ East side. It was purchased for $2.6 million.
Trenton Ridge Apartments is made up of 272 units in 58 two-story buildings at 1633 Red Robin Road and was purchased for $5.4 million.
“with the historically low interest rates and the high occupancy rates we are experiencing in the Columbus market, this is an excellent time to invest in multi-family assets,” Hall said.