Farmington Hills, Michigan (April 29, 2014) – Friedman Integrated Real Estate Solutions, one of the nation’s leading providers of commercial real estate services, recently sold 1,200 apartment units at Metro West Apartments, a multi-family community located in West Columbus, Ohio. Barry Swatsenbarg, National Director, Investment & Loan Sale Advisory Services, and Rich Deptula, Senior Vice President, Investment and Loan Sale Advisory Services, represented the seller in this transaction.
Havenwood Townhomes, an affiliate of The Romney Group, purchased the former Metro West Apartment. The area has recently experienced a revival of sorts with the addition of the Hollywood Casino and an influx of retail businesses over the past couple of years.
Havenwood worked with Central Ohio Community Improvement Corporation (COCIC) to transition the apartment site. 313 of the 1,700 units have been demolished and an additional 328 are slated for demolition in May to focus on transforming the run down property into one of the area’s most premiere residential family-focused communities. The remaining 856 townhomes will be some of the largest two, three, and four bedroom units in the market and remodeled to “Class A’ apartment standards. Additional plans for the site include a multimillion-dollar interior and exterior renovation.
“This community was the largest value-add multi-family asset in the Midwest. It is a terrific investment in a growth location and offers limitless repositioning opportunities,” said Swatsenbarg.
ABOUT FRIEDMAN INTEGRATED REAL ESTATE SOLUTIONS
Recognized as one of the largest privately-held commercial real estate organizations in the nation, Friedman Integrated Real Estate Solutions provides clients with a single point of contact for the full range of services it offers.
Friedman manages over 140 facilities encompassing more than 16M SF of commercial and 7,000 multi-family units across the country. Friedman’s brokerage team has over 800 current listings with $10 billion in closed transactions. As owners and managers of commercial property for 25 years, Friedman understands what it takes to achieve results that maximize the client’s objectives.
For more information, please visit: www.friedmanrealestate.com.
Additional press was published here from GlobeSt.com.