Columbus Multifamily Property Acquired for $1.97M

Posted on Aug 24 2015 - 5:25pm by Brandon De Hoyos

0f8f7deceb40addc.jpeg.1024x1024_q90(Columbus, Ohio)— A Kentucky firm is expected to acquire a 102-unit Ohio apartment complex Monday for nearly $2 million.

Caltucky, LLC., backed by Andrew Peceimer and John Nassar, will acquire Woodbury Commons, in Columbus, which features 17 single-story buildings on 7.4 acres of land, according to a press release.

The first ten units were built in 1957, with the remaining 92 units completed in 1974. A renovation of Woodbury Commons was completed in 2004.

Hunt Mortgage Group, a New York-based commercial real estate lender, provided Caltucky, LLC., with a $1.97 million, five-year hybrid ARM loan, to finance the acquisition. The loan was provided through the Freddie Mac Small Balance program.

The loan was closed 41 days from application, said Hunt Mortgage Group director Dan Eibler.

“The seller invested approximately $525,000 in renovations to Woodbury Commons over the past several years,” added Eibler. “Exterior renovations included new roofs and new siding, and interior renovations included building bookshelves-nooks, replacement and updating of appliances, carpet, paint, electric and plumbing fixtures.”

The unit mix includes 88 one-bedroom, one-bathroom apartments, and 14 two-bedroom, one-bath units.