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QUICK STATS
619,749 SF
SF:
11.10 units/acre
Density:
1,003 SF
Average SF:
$0.91
Rent / SF:
870 Spaces
Total Parking
2
Stories
78
Buildings
1977
Built
618
UNITS
55.67 acres
Site Size / Acreage:
[CEROS OBJECT]
• Air Conditioning
• Refrigerator
• Stove
• Dishwasher
• Walk-In Closets
• Full-Size Washer / Dryer*
• Private Basement Storage*
• Built-In Vanity Space*
• Laundry Facilities
• Swimming Pool
• Garages
• Playground
*In Select Units
AMENITIES
[CEROS OBJECT]
A small town near a big city, Prescott Place is situated between the best of both worlds. Located in Crosswoods, a neighborhood in Franklin County, the 244-unit, two-story apartment community is located about 14 miles north of Downtown Columbus. Built in 2011, nine buildings are situated on 9.33 acres peacefully surrounded by a beautiful, wooded setting. Prescott Place offers one- and two-bedroom floor plans ranging from 677 – 933 square feet with a unit mix comprised of 64 one-bedroom and 180 two-bedroom units. Residents enjoy resort-style community amenities including a swimming pool, outdoor patio and grilling area, fitness facility, state-of-the-art 12 seat theater, beautifully appointed clubhouse with kitchen, a billiards room, and additional garages available. The spacious layouts offer washer and dryer connections, large closets, carpet and tile flooring, hardwood floors in select units, individual entrances, and private patios / balconies with pool views in select units.
Conveniently located at the intersection of Route 23 and Interstate 270, residents can easily travel to the neighborhood’s several restaurants, bars, and parks. Along with a variety of green spaces, local restaurants, and shopping nearby, the cultural hub of Downtown Columbus is a short drive away to world-class attractions with historic theatres, waterfront activities, and beautiful architecture. The accessible and walkable city allows residents and visitors to enjoy the city’s charm at the annual open-air markets and multicultural festivals.
Outstanding Value-Add Opportunity
Offered Well Below Replacement Cost
Strategic Location
Proximity to Lansing, Ann Arbor, and Grand Rapids MSAs via I-96
Rent vs. Own Wallet Share
Quality Submarket Metrics
95.% Market Occupancy Rate
4.1% Rent Growth
Limited New Supply
No New Units Under Construction within Five Miles
Exceptional Unit Mix
• Apartments
17% - One-Bedroom
17% - Two-Bedroom
• Townhomes
19% - One-Bedroom
36% - Two-Bedroom
11% - Three-Bedroom
Opportunity Highlights
1
LOCATION
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900 Long Blvd. Lansing, MI
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.
© 2023 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. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
28411 Northwestern Highway, STE 300
Southfield, MI 48034
Phone: 248.646.7701
Berkadia.com
Investment Sales
Detroit Office
CONTACT Info
Mortgage Bankers
David Sibbold
Managing Director
248.208.0522
david.sibbold@berkadia.com
Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
Mike MCclafferty
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
Charley Henneghan
Director
248.341.3303
charley.henneghan@berkadia.com
Kevin Dillon
Senior Managing Director
248.341.3309
kevin.dillon@berkadia.com
Corey Krug
Senior Director
248.341.3338
corey.krug@berkadia.com
Jason Krug
Senior Managing Director
248.341.3344
jason.krug@berkadia.com
Institutional Quality Opportunity: Prescott Place represents a 244-unit, multifamily community located in the flourishing MSA of Columbus, OH. The asset is comprised of one-, and two-bedroom apartment homes averaging 866 sq.ft. Many institutions not already in the Columbus market have turned their attention with the announcement of Intel and the overall central Ohio region attracting residents and employers.
Intel: The new Intel chip factory with garner investment of +/- $20B to construct two new leading-edge semiconductor chip factories in Licking County. This transformative announcement will lead to 3,000 Intel jobs (avg. salary est. $135K) and support over 7,000 specialty trade and general construction jobs for delivery of the factories in 2025.
Submarket Performance: Prescott Place sits in the Upper Arlington submarket which boasts an average occupancy of 95%+ and Y-o-Y rent growth at almost 5%.
Financing: Free and clear providing investors the flexibility to take full advantage of the aggressive capital markets with still historically low interest rates, long-term debt, and maximum leverage. We will also mention the existing HUD financing for investors who may have a 1031 and looking for lower leverage.
Proximity to Major Thoroughfares Prescott Place provides residents with easy access to I-270 and I-70 providing tremendous access for residents to all parts of the Columbus MSA and Downtown.
Columbus Key Employment Drivers: ‘Eds and Meds’ are the two dominant employment drivers in the multifamily space and Columbus certainly ‘checks the box.’ The Columbus economy is anchored by the Ohio State University (73,000+ employees) an Ohio Heath (15,000 employees). Columbus has become a ‘hub’ to multiple companies’ headquarters and numerous startups and technology centric employers rounding out an outstanding employment base.
The Asset
Conor David
Director
425.213.5103
conor.david@berkadia.com
900 Long Blvd. Lansing, MI
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Aaron Moll
Senior Director
248.208.0529
aaron.moll@berkadia.com