TurnCap recently funded a bridge loan of $10.6 million for the acquisition of a multifamily development in Columbus, OH. The Subject is being acquired by a premier multi-family owner/operator based in Central Ohio. The Sponsor plans to bring rents to market levels, implement their utility reimbursement program, and integrate their experienced management teams to make operational expenses more efficient.
Broad Investment Thesis
The acquisition of this property is part of a larger investment thesis in this corridor as the Sponsor is in the process of purchasing adjacent properties and will then operate all the properties as a single asset. This consolidation will further improve economies of scale in the micro-market to increase rents, improve operational efficiency, and ultimately decrease expenses on a per unit basis.
Sponsor Track Record
The Sponsor is well respected and widely viewed as one of the top multi-family owners/operators in Columbus, Ohio. They currently own a portfolio consisting or more than 5,000 units in the Central Ohio market and have managed suburban properties for 10+ years.