Park Place Apartments & Duplexes
Multifamily | 82 Units | $42,683/unit
Marketing description
Colliers is pleased to present Park Place, 82 affordable units positioned near the Nationwide Children’s
Hospital (17,000 jobs) and Ohio State University (67,250 students and 41,000+ jobs). In good physical
condition, Park Place is a stable affordable asset that offers multiple paths to add value. Currently
81% occupied, there is immediate upside by stabilizing occupancy and realizing increased cash-flow.
Park Place’s affordability component expires in 2034, allowing new ownership to convert the property
to market-rate. All 82 units currently feature tile floors, oak cabinets, laminate countertops, and white
appliances. Upon conversion to market-rate, a comprehensive renovation program including higher end
laminate countertops, hardwood-style floors, modern cabinets, and either black or stainless steel
appliances unlocks the substantial revenue upside.
New ownership will leverage excellent multifamily fundamentals in Columbus including strong demand
(96% average occupancy), positive net migration, accelerating rent growth, and close proximity to Ohio
State University and the Ohio State Government to stabilize Park Place and significantly push top-line
rents upon conversion to market-rate.
42 Apartment Units in Olde Town East and 40 Townhome Duplexes in South Linden.
Investment highlights
A STABLE AFFORDABLE ASSET MINUTES FROM OHIO STATE UNIVERSITY: Immediate upside through stabilizing
occupancy and increased cash-flow
A CONVERSION TO MARKET-RATE IN 2034: New ownership can convert Park Place to market-rate in 2034
FUTURE VALUE-ADD UPSIDE: All 82 units are unrenovated with tile floors, laminate countertops, oak cabinets,
and white appliances
A CLEAR PATH TO ADD VALUE: Nearby market-rate communities are achieving average rents up to $1,445/unit
A 96% AVERAGE OCCUPANCY IN COLUMBUS: Very stable market with increasing demand
A EXCELLENT LONG-TERM OUTLOOK: Net migration, income growth, & great employment base
A CLOSE TO MAJOR EMPLOYERS: Ohio State University, the Ohio State Government, & large hospitals
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
