A Columbus apartment community was sold to an investor in Canada. Here’s what we know
A Columbus apartment complex has been sold to a Canadian investor, according to a news release from Colliers, an investment management company.
The investor purchased The Palms (2700 Double Churches Road in Columbus) from RREAF Holdings, a commercial real estate firm based in Dallas, according to the release.
There are 386 units in the apartment community with 492,450 rentable square feet. The Palms was constructed in four phases ranging from 1982 to 2016. It contains one-, two- and three-bedroom units that average at about 1,277 square feet each, and every unit was leased at the time of the sale.
According to the release, the Canadian investor could upgrade unit interiors and common areas to raise rent, however the release does not specify that rent will be raised.
Selling The Palms apartment community was challenging because of increases in the debt market, said Ron Cameron, senior vice president with Colliers in Atlanta, according to the release.
The Federal Reserve has recently been raising interest rates to help stifle inflation, as a result, the value of bonds has dropped.
“Thankfully, buyer/seller and our lender all came together to make it happen,” Cameron said in the release.
Who the Canadian investor is and what amount The Palms sold for was not listed in the news release. The Palms previously sold for $34.1 million in 2018, according to property records.
This story was originally published October 7, 2022 at 11:31 AM.
