Pinetree Village Apartments Columbus, OH

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Pinetree Village Apartments

Address

3170 Melissa Place
Columbus, OH 43227

Investment Highlights

  • 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.

Virtual Tour

Points of Interest

Amenities

Tenant Services

Unit Amenities

  • Renovated Unit Interiors
  • Vinyl Flooring
  • Disposal
  • Eat-In Kitchen
  • Air Conditioning
  • High-Speed Internet Available
  • Cable Ready

Community Amenities

  • On-Site Laundry Facilities
  • On-Site Maintenance
  • Pet Friendly 
  • Extensive Green Space 
  • On-Site Parking
  • Video Patrol

Team

Brokerage Team

When evaluating your options for a partner to assist with the sale of your multifamily asset, there are a number of factors you may consider. From experience and market knowledge to marketing prowess and ongoing support, each plays an integral role in creating a positive experience and a profitable outcome. Yet the one competency you may never have considered could be the one that matters most: the ability to move capital across markets efficiently and effectively. 


MMG possesses a unique combination of talent, resources, expertise, and access that delivers an elevated experience from acquisition to disposition. Discover the benefits of a partnership with us.


Brian Hall

Senior Advisor
MMG REA
614.214.7957 brian.hall@mmgrea.com

Brett Meinzer

Managing Director
MMG REA
816.516.8515 brett.meinzer@mmgrea.com

Michael Sullivan

Executive Managing Director/Founding Partner
MMG REA
913.484.7923 michael.sullivan@mmgrea.com

Alex Blagojevich

Executive Managing Director/Founding Partner
MMG REA
773.899.0391 alex.blagojevich@mmgrea.com

Scott Reid

In Association With ParaSell, Inc.
949.924.6578 scott@parasellinc.com

In Association With

ParaSell, inc. Ohio Broker #REC.2020005946

Get in Touch

Address

MMG Real Estate Advisors

601 Westport Road

Kansas City, MO 64111