DUBLIN, OH - Chicago-based Tricap finalized theacquisition of the Residences at Sawmill Park on behalf of aprivate investment group, as it begins its expansion into becominga Midwest regional firm. The 120-unit apartment community, locatedin a northwest suburb of Columbus, was purchased fromPreferred Living for $8.3 million.

Tricap acted as due diligence consultant on the deal and willserve as property manager. Tricap specializes in acquiring,renovating, and managing apartment buildings in Illinois. "Thisdeal represents the next stage for us as we expand into a regionalfirm 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 expandits reach and thought the Columbus area was a good place tobegin.

"We're excited to have our foothold in Ohio and are eager tobuild on this momentum as we strengthen our presence in the area,"Pritchard says.