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351 Peat Moss Dr, Columbus, OH 43235
Prescott Place
Quick Stats
Total Parking
285 spaces
Average SF
866
SF
211,268
Density
26.15 Units / Acre
Site Size / Acreage
9.33 Acres
Stories
3
Buildings
9
Built
2011
Units
244
Property Description
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.
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PROXIMITY TO JP MORGAN & INCOMING INTEL
OUTSTANDING WORTHINGTON LOCATION
UNEXPLORED VALUE-ADD OPPORTUNITY (100% Classic Units)
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New Financing Opportunity
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STRONG DEMOGRAPHICS, LOW UNEMPLOYMENT RATE
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PROXIMITY TO MAJOR THOROUGHFARES – US-23, I-270, I-70
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WELL MAINTAINED WITH QUALITY UNIT MIX OF ONE-, AND TWO-BEDROOM UNITS
Amenities
Individual Entrance
Fully Equipped Kitchen
Spacious Closets
Washer / Dryer Connections
Private Patio / Balcony*
Resort-Style Swimming Pool
Fitness Center
State-of-the-Art Twelve Seat Theater
Billiards Room
Clubhouse with Kitchen
Garages Available
*In Select Units
‘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.
Columbus Key Employment Drivers:
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.
Proximity to Major Thoroughfares
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.
Financing
Prescott Place sits in the Upper Arlington submarket which boasts an average occupancy of 95%+ and Y-o-Y rent growth at almost 5%.
Submarket Performance:
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.
Intel:
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.
Institutional Quality Opportunity:
The Offering
LOCATIon
PHOTO GALLERY
INVESTMENT HIGHLIGHTS
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/.
6555 Longshore Street
Suite 280
Dublin, OH 43017
Phone: 614.468.5805
COLUMBUS Office
Managing Director
614.468.5811
scott.wilkie@berkadia.com
Scott Wilkie
Mortgage Bankers
Senior Managing Director
248.341.3309
kevin.dillon@berkadia.com
Kevin P. Dillon
Senior Managing Director
248.341.3344
Jason.krug@berkadia.com
Jason Krug
Director
248.341.3303
charley.henneghan@berkadia.com
Charley Henneghan
Senior Director
248.341.3338
corey.krug@berkadia.com
Corey Krug
Investment Sales
Contact us
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Senior Director
248.341.3319
rick.brace@berkadia.com
Rick Brace
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
Mike McClafferty
Associate Director
614.468.5818
evan.ballmann@berkadia.com
Evan Ballman
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28411 Northwestern Highway, STE 300
Southfield, MI 48034
Phone: 248.646.7701
Detroit Office
Berkadia.com
Potential Renovations
White or Espresso Shaker Cabinets with Modern Hardware
Granite Countertops
Stainless Steel Appliances
Built-In Microwave
Modern Light Fixtures
Wood-Style Flooring Throughout Unit
KITCHEN RENOVATIONS:
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White or Espresso Shaker Cabinets
Granite Countertops
Modern Light Fixtures
Wood-Style Flooring Throughout Unit
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BATHROOM RENOVATIONS:
VALUE-ADD OPPORTUNITY
Espresso Shaker Cabinets
Existing Unit
Existing Unit
Granite Countertops
Wood-Style Flooring
Built-In Microwave
Stainless Steel Appliances
White Shaker Cabinets
Modern Light Fixtures