COLUMBUS—Havenwood Townhomes has just purchasedMetro West Apartments, one of Columbus' largest,and most troubled, apartment complexes. The affiliate of theUtah-based Romney Group will take charge of 1,200units at 4312 Westport Rd. and promises to transform them intoclass A homes. The price was not disclosed and company officialswere not available by press time.
The oldest portions of Metro West were constructed in 1965, buta general decline of the area, and a devastating and deadly fire in2004 left many buildings vacant. However, the opening of the nearbyHollywood Casino in 2012 and a recent influx ofretail businesses has brought about a bit of a revival andattracted investors' interest.
“This community was the largest value-add multi-family asset inthe Midwest,” says Barry Swatsenbarg, the nationaldirector, investment and loan sale advisory services forFriedman Integrated Real Estate Solutions, aFarmington Hills, MI-based company. Swatsenbarg, along with seniorvice president Rich Deptula, handled the recentsale.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
