- Convenient Access to Local Demand Drivers
- Exploding Rents at Renewal and Lease Trade Out
- Multiple Value-Add Opportunities
- Nearly $1,200,000 Invested in CapEx Over Last 4 Years
- Offered Free and Clear of Existing Debt
Convenient Access to Local Demand Drivers
Pinetree Village Apartments is only six miles from downtown Columbus via I-70, providing convenient access to local demand drivers. The strategic location of Pinetree Village Apartments allows for a diverse and well-established tenant base. The property is less than three miles from the DSC (Defense Supply Center) which supports nearly 3,000 jobs, the vast majority of which are civilian. In addition, the property is only thirteen minutes from Ohio State University and the affiliated medical campus.
Exploding Rents at Renewal and Lease Trade Out
The Columbus market presented 6.6% rent growth in Q1 2023, and Pinetree Village Apartments offers exploding rents at renewal and lease trade out. Since 3/1/23, the property has added fifteen new leases, each generating $1,000 per unit per month at minimum. As the current monthly effective rent is $766 per unit, this proves an incredible upside opportunity for new ownership.
Multiple Value-Add Opportunities
Pinetree Village Apartments presents an exciting opportunity for value-add renovations. Current ownership has implemented an interior renovation strategy, investing about $4,500 per unit to upgrade flooring, cabinets, countertops, and paint. While renovations have been implemented at the property over the past several years, significant potential remains for the next owner to enhance and upgrade the units. 37% of the units remain unrenovated and primed for value-add upgrades. By implementing strategic and thoughtful renovations, income potential can be maximized. New ownership has the opportunity to continue the successful renovation program and upgrade the remaining classic units to continue driving rents to the top of the market.
In addition, two units have been historically unoccupied and used for storage. These units have been renovated and made available for lease 6/1 and 7/1. The unit leased effective 6/1/23 has a monthly rent of more than $1,300.
