Pine Crossing Apartments
Multifamily | 192 Units
Marketing description
Colliers is pleased to present Pine Crossing Apartments on behalf of receivership. Strategically
positioned with convenient access to major transportation corridors, including I-70 and I-270, Pine
Crossing offers seamless connectivity to Downtown Columbus, The Ohio State University, and major
employment hubs. Visibility is paramount to capturing potential renter demand, and Pine Crossing’s
frontage along Wilson Road will forever organically capture significant attention. Pine Crossing was
built in 1972 and consists of 192 total units. Its desirable unit mix and strategic location within the
reputable Hilliard School District creates a rare opportunity to acquire institutional-quality workforce
housing in the Columbus MSA.
Currently 75% occupied, new ownership has the immediate ability to renovate units efficiently and restabilize
the property to achieve significant rental premiums. The property consists of 8 3-story gardenstyle
buildings with ample green space for potential amenity enhancements. The property recently
completed it’s final year of it’s decontrol period and now operates as a 100% Market-Rate multifamily
property, unencumbered by any restrictive covenants. Unit mix at the property consists of 14% onebedrooms,
73% two-bedrooms, and 13% three-bedrooms. On-site amenities include a clubhouse, fitness
center, swimming pool, picnic area, community gardens and laundry facilities.
New ownership has the potential to benefit from the ensuing market-rate operations after the
expiration of the LURA in 2023, and exciting potential to capture significant renter demand. Robust
renter demand is driven by 52 million square feet of Industrial space within a 5-mile radius from the
property and its commutable highway access.
Hilliard is one of Columbus’ most exciting submarkets for economic development with premier
accessibility. The City of Hilliard is advancing several transformative economic development
initiatives, including the AWS Hilliard Campus, Logistix Hub, Hilliard City Lab, and Truepointe
that will deliver over 5 million square feet of high-tech manufacturing, new office space, and luxury
apartment buildings. Nearby, Ohio State’s new Wexner Medical Center Tower, Ohio Health’s
Riverside Women’s Health Hospital and Downtown Trauma Hospital, and Nationwide Children’s
Main Hospital Expansion will have meaningful impacts on high-quality workforce housing demand
drivers. Residents also enjoy close proximity to Raymond Memorial Golf Course, the Scioto River,
Quarry Trails Metro Park, and many more recreational destinations within a short commute.
Investment highlights
Institutional Quality Workforce Housing
Well located workforce housing continues to see outsized demand as renters prioritize affordability, proximity to
jobs, and everyday livability in supply constrained submarkets. That durable demand is attracting highly favorable
mission rich financing, creating a powerful tailwind for capital seeking stable, socially impactful multifamily
investments.
Competitive Set Demonstrates Path To Value Add
Pine Crossing offers a clear, highly defensible path to value add, evidenced by Hilliard Village Apartments across
the street, currently achieving approximately $147 per month in rent premiums over Pine Crossing.
Immediate Proximity To Major Employment Hubs
Pine Crossing benefits from immediate access to over 52 Million Square Feet of Industrial Warehouse and
Manufacturing space within a 5-mile radius, creating robust demand for well-located workforce housing. The
Property is strategically positioned at the intersection of I-70 & I-270 along Wilson Road, providing the most
efficient commute times to major employment centers such as Bridge Park, Downtown Columbus, and The Ohio
State University.
Renowned Hilliard School District
Hilliard City Schools are known for strong academic performance, broad extracurricular offerings, and a culture of
high expectations that consistently attracts families to the area. The positive reputation supports long-term housing
demand and reinforces Hilliard’s position as one of Central Ohio’s most desirable school districts.
Additional Revenue Streams & Operational Efficiencies
New Ownership can implement additional revenue streams on trade outs and renewals for Bulk WiFi/Cable,
valet trash services and community fees to drive effective gross revenue. Pine Crossing’s operating expense ratio is
significantly higher than the market expectations of 45% of EGR. New Ownership has the potential to restructure
property insurance, reduce on-site personnel, bring expense reimbursements for water/sewer in line with market
expectations, and burn off elevated utility usage due to recent vacancy upticks. Modernizing Pine Crossing’s
digital marketing presence and implementing industry standard property management software will capture
robust renter demand and streamline operations swiftly.
Columbus, OH, A Roaring Economic Hub
The region is experiencing transformative growth driven by major public and private sector investment. Columbus
benefits from a diversified economy anchored by education, healthcare, technology, and advanced manufacturing.
The 2025 Global Groundwork Index by Site Selection Magazine ranked Columbus as the No.1 MSA for
Infrastructure Investment. In addition, Site Selection’s 2024 Governor’s Cup ranked Ohio as No.3 for total economic
development projects and economic development projects per capita.
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