COLUMBUS-Associated Estates Realty Corp., based here, has put a five-property portfolio up for sale for $47.6 million. The company is asking for about $62,467 per unit for the 762-unit portfolio.
Matthew Friedman, VP of investments and senior director, and Gary Cooper, VP of investments and director with Marcus & Millichap’s National Multi Housing Group is representing the seller. Friedman says the portfolio is mostly high-end properties in good areas of Columbus. “The city has different markets, but these two areas, the Dublin and Westerville submarkets, are doing very well. They’re growing markets and densely populated,” he says. “A lot of it depends on the school district. The Columbus School District is not favorable, but these areas have good schools.”
The properties include the 102-unit St. Andrews at Little Turtle, the 192-unit Lake Forest and the 76-unit Kensington Grove property in Westerville; and the 280-unit Heathermoor and the 112-unit Bedford Commons in Columbus. Amenities at all of the properties include in-unit washers and dryers, decks and balconies, and pools and clubhouses.
The seller owns about 12 apartments in the Columbus area, and Friedman tells GlobeSt.com that it made a strategic objective to sell these properties in 2009 to increase its presence in other markets , such as the Mid-Atlantic and Florida. “All the properties in this for-sale portfolio are occupied in the 90s, and were all built in the past 15 years,” he says.
He says he hasn’t seen too much of a dip in activity due to the economy. “We’ve had strong interest in sales,” Friedman says. “Overall, there is a shortage of product, and still a good amount of dry-powder to buy.”