Multi-Family Apartment Building in Columbus: 293 Units

293 Unit Apartment Building available for sale in Columbus: 8.1% cap rate on Class A property; 19 buildings includes 236 Two bedroom units. Price: $19 million. Seller direct, non-listed property.  For more details Contact Khafra at khafra@kmtrealproperties.com.

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the cap rate is too low which means price is too high

Hi David,

 

Sorry for the late reply to your inquiry. The property is located in Columbus, Ohio. This property is "New Construction". Phase Two is scheduled to be completed by August 2011.  I'm direct with the Seller. Attached is my NCA. Please sign and return it ASAP and I will send you more detailed information on this property. The Seller has recently informed me that there are several interested Buyers looking at this project; that any interested parties should move quickly.  Thanks for your interest.

Attachments:

Is the property pre-leased? Most investors are not going to pay $19M and then have to begin locating tenants, to begin generating cash flow, when they can buy already established properties with a history behind it on and off market and have turn key revenue and potentially, Turn-Key Equity.

 

This doesn't mean that there are investors out there, who won't buy this. However, I am curious about something you said. I don't think anyone caught this but I did.

 

You stated your direct to the seller, however, you had to have the seller inform you that there were other interested parties. If you were direct, you would know this already.

 

This tells me that your not as direct as you would like us to believe. I am not knocking being a IM in this deal, everyone needs to eat, however, it would have been better to state your position clearly.

I also wanted to add this. Columbus, Ohio is not a Tier-1 City, it is a sub market. Knowing the investors here as I do, most are interested in Tier-1 Cities.
We have a client buying 170+ units in Ohio and we are doing the loan. I can see if they are interested in yours or help with the capital for your buyer, bshaffer@gspartners.com

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