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290 Mayfair Boulevard | Columbus, OH
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
28411 Northwestern Highway, STE 300
Southfield, MI 48034
Phone: 248.646.7701
Berkadia.com
Investment Sales
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CONTACT Info
Mortgage Banking
Scott Wilkie
Managing Director 614.468.5811 scott.wilkie@berkadia.com
Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
Conor David
Director
248.535.5773
conor.david@berkadia.com
Mike MCclafferty
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
Charley Henneghan
Director
248.341.3303
charley.henneghan@berkadia.com
Kevin P. Dillon
Senior Managing Director
248.341.3309
kevin.dillon@berkadia.com
Corey Krug
Senior Director
248.341.3338
corey.krug@berkadia.com
Jason Krug
Senior Managing Director
248.341.3344
jason.krug@berkadia.com
PHOTO GALLERY
LOCATION
The Offering
The Opportunity: The Boulevard Apartments represent a 92-unit, two-story multifamily community situated on 5.18 acres located on the East side of Columbus. Built in 1950, the Boulevard is comprised of ninety (90) two-bedroom apartments and townhomes, one (1) one-bedroom townhome, and one (1) three-bedroom townhome measuring on average a total of 898 square feet. 53% of the units are townhomes with basements. The Boulevard Apartments is available free and clear.
Organic Rent Growth: Significant financial upside can be accomplished through aligning the existing rental rates with current submarket averages. The Boulevard presents an opportunity with significant upside potential to increase profitability by minimizing loss to lease.
Population Growth: Columbus continues to experience outsized population growth and leads the Midwest. Columbus’ population grew the most of an U.S city in the second half of 2023 outpacing Austin, San Antonio, and Jacksonville.
Untapped Value-Add Opportunity: 100% of the units at The Boulevard are in ‘classic’ condition, representing a substantial opportunity for a new owner to drive rental premiums.
Columbus Key Employment Drivers: ‘Eds and Meds’ are the two dominant employment drivers in the multifamily space and Columbus certainly ‘checks the box.’ The Columbus economy is anchored by Ohio State University (73,000+ employees) and Ohio Heath (15,000 employees). Columbus has become a ‘hub’ to multiple companies’ headquarters and numerous startups and technology centric employers rounding out an outstanding employment base.
Attractive Floorplans: Boulevard boast a diverse unit mix with attractive floorplans including 53% townhomes with basements. All units have designated washer / dryer hookups.
Submarket Performance: The Boulevard Apartments sits in the Bexley/Whitehall submarket which boasts median HHI of $76,544, 64% white collar employment, and submarket rent growth of 5.6% Y-o-Y. Vacancy remains below the market average and will continue to do so with the healthy demand and limited supply. Only 1.2% of total submarket inventory is under construction compared to the market average of 4.1%.
Proximity to Downtown: Less than five miles away from downtown Columbus. Located in historic Eastmoor between the cities of Bexley and Whitehall. Convenient highway access to I-70, I-71, I-670, and US-33 position the neighborhood within a short drive to all that Columbus has to offer.
Intel: The new Intel chip factory will garner investment of +/- $28B to construct two new leading-edge semiconductor chip factories in Licking County. This transformative announcement will lead to 3,000 Intel jobs, creating $405 million in annual payroll, and support over 7,000 specialty trade and general construction jobs for the delivery of the factories between 2027 and 2028.
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Untapped Value-Add Opportunity (100% Classic Units) Immediate Organic Rent Growth Potential
Strong Rental Market with Limited New Supply
Attractive Floorplans (53% Townhomes with Basements)
Strong Population Growth
New Financing Opportunity
Proximity to Burgeoning Downtown Columbus
Property Highlights
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AMENITIES
Fully Equipped Kitchen
Dishwasher
Central Air Conditioning
Washer / Dryer Hookup
Window Coverings
Garage
Courtyard
QUICK STATS
82,689 SF
SF
17.79 Units / Acre
Density
899 SF
Average SF
160 spaces
Total Parking
2
Stories
23
Buildings
1950
Built
92
UNITS
5.18 Acres
Site Size / Acreage
Location
The Asset
Amenities
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Boulevard Apartments
Boulevard Apartments
290 Mayfair Boulevard | Columbus, OH
Location
The Asset
Amenities
DOC CENTER
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