Triad Real Estate Partners sold Carriage Hill Apartments, a 337-unit, 536-bed mixed-income affordable- and student-housing property near the campus of Ohio University in Athens, Ohio.
The property was built in two phases between 1967 and 1970 with a mix of studio, one-, two- and three-bedroom units. There was a HAP contract for 84 units in Phase II of the project, and both phases were encumbered with existing HUD loans.
The new owners, New York-based Emet Capital Management, plan to complete a substantial renovation and rebranding of the property.
The seller was Columbus-based Wallick Communities. The purchase price was undisclosed. As part of the sale, Triad Real Estate Partners donated a portion of the proceeds to Resident Resources Network, a non-profit with a mission of connecting affordable housing residents to support services. This organization was started by the founders of Wallick Communities and particularly focuses on single mothers.
