COLUMBUS—PCCP, LLC recently provided a $29.48 million senior loan to what it called “a private high net worth investor” for the acquisition of The Heights, a new two-building, class A apartment complex comprising 193 units located at 160 W. Wilson Bridge Rd. in suburban Worthington.

The seller was Crawford Hoying, a local developer, who began building the community in September 2013. Hoying finished the smaller, 59-unit building last September and plans to complete the larger, 134-unit apartment building, which also includes 23,320 square feet of office space, sometime this month.

“PCCP provided this senior loan to an experienced, private owner who is knowledgeable on the local market,” says John Randall, managing director with PCCP, LLC.

“The Heights is the only class A multifamily property in the city of Worthington and we believe its accessible location and proximity to retail will foster continued leasing momentum,” adds Rob Stofer, vice president with PCCP.

This may be a good time to invest in Columbus. The local economy has been strengthening for some time and 2015 looks like it will be a good year. According to a recent report from DTZ, the office market experienced positive absorption of nearly 100,000 square feet in the first quarter of 2015 – almost four times the square feet absorbed last quarter. But most impressive was the performance of the speculative office space.

“With delivery of 131,500 square feet of speculative development, 82% already has been leased,” says Robin Mitchell, DTZ research analyst. “We expect that demand for office space, fueled by job growth, will continue throughout the year.”

Central Ohio has the lowest unemployment rate of any metro area in the state, DTZ reports. The unemployment rate for Columbus is now just 4.3%, down from 5.4% one year ago. “The office real estate sector has been slow to recover, but is poised to have a breakout year with robust job creation driving many companies to seek out more office space.”

The Heights is already in good shape. According to PCCP officials, it has a vacancy rate of just 3% and above-market rent growth. The property's unit mix includes 80 one-bedroom units; 103 two-bedroom units; eight three-bedroom units; and two three-bedroom townhouses. Unit amenities include washer/dryer, granite countertops, and patios/balconies. Community amenities include a business center, clubhouse/tavern, fitness area, rentable storage space, a courtyard with fire pits and grills, and a rooftop swimming pool and lounge, as well as enclosed garage parking and open-air structured parking, in addition to surface parking.