MIAMI–(BUSINESS WIRE)–Leste Group’s real estate debt and structured equity arm and SAR Apartment Capital, a national multifamily investment firm, today announced they have completed the $23.6 million acquisition of four multifamily properties in Columbus, Ohio that comprise 556 apartments in total.
The properties in the portfolio include:
Each has convenient access to nearby employers, retail and entertainment, and major highways.
All four properties are located in the northeast submarket of columbus, which has enjoyed healthy demand over the past decade. Middle class, workforce housing is driving demand in the submarket and represents nearly half of all units rented there year to date. Rent growth has also performed well in recent years, with average annual gains of 5.8% over the past three years.
“we are pleased to partner with sar, with whom we have a longstanding relationship, to acquire and invest in improving this portfolio of properties. This transaction reflects leste’s ability to employ a creative investment structure with a programmatic relationship,” said Jordan Suppan, managing director of leste credit, who oversees the firm’s debt and structured real estate transactions. “columbus is facing a demand for quality workforce apartment housing, and we see significant upside potential supported by the area’s demographic trends. This portfolio represents a unique opportunity to add value through targeted capital improvements, and we believe these communities have the potential to become market-leading multifamily locations in the columbus area.”
The four communities will undergo renovations of both exterior and interior spaces. Exterior updates will include new roofs, upgraded landscaping, exterior lighting, new fencing, and new signage. Interior renovations will feature new bathrooms and kitchens, new flooring, and updated appliances, including new ac units. Common areas, including lobbies, clubhouses and leasing offices, will receive new floors and other renovations, as will pools and fitness centers.
“sar is seeking to source, acquire and manage real estate assets with high return potential for our investors, and this property portfolio strongly fits our target acquisition profile,” said abiel ballesteros, vice president at sar. “we are pleased to work once again with leste, and we look forward to transforming these apartments and delivering attractive, quality housing to the residents of columbus.”
The city of columbus boasts a diversified economy with dynamic population and job growth, fueled by major employers including ohio state university, state and county government, and such corporations as nationwide insurance, jpmorgan chase & co., bath & body works, honda of america, and american electric power. Intel has announced plans to construct two semiconductor fabrication plants, set to come online in 2025 and employ as many as 3,000 people.
About sar apartment capital
Sar apartment capital llc is a multifamily investment firm based in miami, florida. With over $162 million in assets under management, the company is focused on major metropolitan statistical areas that demonstrate low vacancy, consistent rent growth, and a growing real gdp. The firm elevates properties through instituting operational efficiencies, moderate-to-extensive renovations and complete rebranding. For more information, visit sarapartmentcapital.Com.
About leste group
Founded in 2014, leste group is a global independent alternative investment manager guided by core values of respect, creativity and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets, and other alternative asset classes. Leste group’s investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns. To learn more about leste group, visit leste.Com.
Source: CityBiz (South Florida)