1318 Barnes Drive | Columbus, OH 43229

CLICK HERE FOR THE DOCUMENT CENTER

HIGHLIGHTS

Significant NOI Increase Opportunity: The current property rents are significantly discounted relative to the allowable net max LIHTC rents, as well as being well below sub-market area rents currently trending at $.96 per square foot. This significant delta creates the opportunity for an investor to achieve an average rent premium of $191.

Education Proximity: Thomas Worthington High School is 3 miles from the property which has a school bus stop on site. Beechcroft High School is roughly 1 mile from the property while Worthington Christian Schools are within 5 miles. Otterbein University is located just 3.5 miles from the property.

POLARIS Centers of Commerce: POLARIS is located less than 5 miles from the property and is Central Ohio’s finest mixed-use development, also known as “the gateway to Columbus from the north.” POLARIS features over 5 million square feet of office, over 4 million square feet of retail, and over 1,000 residential units. Polaris Fashion Place is Central Ohio’s premier shopping destination feauring 7 anchor tenants, including multiple market-exclusive brands and locally-owned specialty shops.

Downtown Columbus: Roughly 10 miles south with easy access by highway or public transit, tenants can easily commute to Downtown Columbus offering a one-of-a-kind live-work-play atmosphere. Notable employment drivers of downtown Columbus include Nationwide, AEP Energy, Inc, AT&T, Inc, Columbia Gas of Ohio, and Huntington National Bank are part of an 85,200 workforce in downtown Columbus.

Columbus Crew Arena: The new home of Major League Soccer’s (MLS) Columbus Crew is located just 7.5 miles south of Sharon Green Townhomes. The arena is part of a larger mixed-use Confluence Village development.

THE OPPORTUNITY

The Berkadia Investment Sales team is pleased to present the 162-unit Sharon Green Townhomes affordable LIHTC community. Sharon Green Townhomes is located in the city of Columbus within the highly rated Worthington School District. Situated in the Northeast Columbus submarket which has exhibited strong rental growth since 2014 with a trailing 12-month effective rental rate growth of 3%. Vacancy in the submarket sits at 5.1% and has remained around 5% despite the delivery of roughly 180 units since mid-2018 with almost another 550 units being delivered in the beginning of 2018. Located roughly 10 miles north of the city center, Sharon Green Townhomes is conveniently located near interstates 71 and 270, with interstate 71 providing direct access to downtown Columbus.

Built in 1972, Sharon Green Townhomes was substantially rehabbed with Section 42 tax credits over a two-year period starting in 2006. Under the present LURA restrictions, 100% of units are rent restricted at 60% AMI with such restrictions expiring in 2036. Despite the LURA running in effect for another 16 years, there is significant NOI upside as the current property rents are 20.4% below the allowable net max LIHTC rents and 25.55% below renovated sub-market rents. Rents at the property were recently increased by $60 per month for the 2 bedroom units and $100 per month for the 3 bedroom units with wide acceptance amongst the tenant base and no change in occupancy. Based on in place strong market fundamentals, Sharon Green Townhomes provides an investor with the opportunity to capture a substantial post-renovation rent premium of $191 at an estimated interior upgrade cost of $6,200 per unit.

Sharon Green Townhomes offers townhome living with two private entrances and a full unfinished basement. The uniquely large floor plans consist of 146 two-bedroom townhome units measuring 1,248 square feet and the 16 three-bedroom townhome units measuring 1,593 square feet providing ideal living space for families and are among the largest units available in Northeast Columbus.

Sharon Green Townhomes is a beautiful, well maintained asset with attractive landscaping including manicured lawns, mature trees, trimmed shrubs, and colorful plants. In keeping the property well maintained, 50% of roofs were replaced in 2017. The Property features a sundeck, office, playground, on-site courtesy officer, school bus pick-up, and plenty of convenient parking. Each unit comes equipped with a large, eat-in kitchen, updated cabinetry, private patio/balcony, washer and dryer connections, ample closet space, and a full-size bathroom with a tub and shower.

SHARON GREEN TOWNHOMES

162

Units

Built 1972

Rehabbed 2007

207,696

Net Rentable SF

8.80

Acres

Sharon Green Townhomes is a 162-unit, garden-style, fully affordable LIHTC townhome community located in the city of Columbus, Ohio, approximately 10 miles north of the city's center, near interstates 71 and 270. Built in 1972 and rehabbed upon acquisition in 2007, the property contains 14, two-story buildings with siding and brick exteriors and pitched roofs with composition shingles. Plus a garage, office, maintenance building.

Situated on 8.80 acres of land with a density of 18.41 units per acre, Sharon Green Townhomes encompasses an ideal unit mix comprised of 146 two-bedroom townhome units measuring 1,248 square feet each, and 16 three-bedroom townhome units spanning 1,593 square feet each, with an average unit size of 1,282 square feet. The property is well maintained and beautifully landscaped with manicured grass areas, mature trees, trimmed shrubs, and colorful plants.

 

THE LOCATION

Investment AdvisorS

JEREMIAH JARMIN
DIRECTOR- AFFORDABLE HOUSING
404.654.2609
JEREMIAH.JARMIN@BERKADIA.COM
GA LICENSE #355022

TIMOTHY BRACKEN
DIRECTOR- AFFORDABLE HOUSING
303.689.8336
TIMOTHY.BRACKEN@BERKADIA.COM
CO LICENSE #FA.100078665

JASON KRUG
Managing Director
248.341.3344
Jason.Krug@berkadia.com

CARLY DIETZ
Director
248.341.3327
Carly.Dietz@berkadia.com

KEVIN P. DILLON
Senior Managing Director
248.341.3309
Kevin.Dillon@berkadia.com

COREY KRUG
Director
Corey.Krug@berkadia.com
248.341.3338

DALLAS OFFICE

5960 Berkshire Lane

Suite 1000

Dallas, TX 75225

Phone: 972.458.7300 | Fax: 972.458.1933

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. 

©2019 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx