DUBLIN, OH – Chicago-based Tricap finalized the acquisition of the Residences at Sawmill Park on behalf of a private investment group, as it begins its expansion into becoming a Midwest regional firm. The 120-unit apartment community, located in a northwest suburb of Columbus, was purchased from Preferred Living for $8.3 million.
Tricap acted as due diligence consultant on the deal and will serve as property manager. Tricap specializes in acquiring, renovating, and managing apartment buildings in Illinois. “This deal represents the next stage for us as we expand into a regional firm managing and acquiring properties throughout the Midwest,” Bryan Pritchard, founder and principal of Tricap, says in a release. He adds that Tricap had long planned to expand its reach and thought the Columbus area was a good place to begin.
“We’re excited to have our foothold in Ohio and are eager to build on this momentum as we strengthen our presence in the area,” Pritchard says.
Renovations are planned for the 10-year-old garden-style community at 2765 Sawmill Park Dr., but they will be undertaken on a gradual basis since the complex is currently 98% occupied. The multifamily property includes eight three-story buildings and has one-bedroom, one-bath to two-bedroom, two-bath units. It is situated near Ohio State University and is in a highly regarded local school district that has proven to be a draw for tenants. “We’ve done our homework and set ourselves up for success in a market that’s strong and growing,” Pritchard says.