Description
Marcus & Millichap is pleased to present Colonial Park, 160 units of apartment living located in Southeast Columbus, 15 minutes from downtown and conveniently located off of Interstate 270 making all of Columbus easily accessible. Located in the submarket of Pine Hills, this property provides the investor a hard-to-find opportunity with phenomenal potential due to its solid submarket fundamentals, top-notch employment, high demand, and market proven rental upside.
Market Proven Rents:
Colonial Park has seen a 4.5% + organic rental growth increase in the trailing twelve months. Even with aggressive organic rental increase, the asset still sits well below the rest of the market. Comparable assets in the local submarket straddling interstate 270 outpace Colonial Park rents in upwards of 10%. Average rent across Columbus is $1,026 compared to $707 average rent across the properties’ all two-bedroom layouts.
Favorable Market Demand:
Pine Hills submarket shows its strength maintaining the twelve-month physical vacancy at Colonial Park at sub 3% outperforming Columbus’s average vacancy dialing in at 4.1%. Columbus has seen aggressive population growth among one of the primary rental cohorts (age 20-34) at 5.9% for the past 5 years and that trend is expected to continue to hold strong moving forward.
Consistent Rental Collections:
Although the apartment industry faced one of its most trying years relating to collections across all asset types, Colonial Park boasted collections nearing 99% throughout all of 2020. Columbus has been ranked as one of the top 10 Markets in resiliency against COVID-19 pressures across the Nation.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 5421 Lonsdale Place |
| City: | North Columbus |
| State: | Ohio |
| Year Built: | 1965 |