Trilogy Real Estate Group has expanded its portfolio in the Columbus, Ohio area, with a multifamily Class A network leased almost entirely. Trilogy acquired The Mirada at Lewis Center, Ohio, from Vision Development with the help of a Freddie Mac loan of approximately $27 million organized through CBRE, according to knowledge of the Yardi Matrix.
La Mirada offers 256 studio sets, one, two and three bedroom floor plans ranging in length from 354 to 1,316 square feet. The 224,635-square-foot network is located on a 9-acre site that includes amenities such as a heated outdoor pool, grilling area, sand volleyball court, club room, play area, fitness center and dog park. A corporate spokesperson told Multi-Housing News that the assets were built in 2018 and that Trilogy has no plans to renew, reposition or rename the assets.
Located at 1 Mirada Drive N. , Mirada is 2 miles north of Interstate 270, connecting assets to downtown Columbus and suburban employment nodes. The largest employers in the region are JPMorgan Chase, Honda, Nationwide, Amazon and Anheuser-Busch.
Neil Gehani, founder and CEO of Trilogy, said in comments that The Mirada was an exciting investment and would work well in the short and long term. A corporate spokesman told MHN that the new acquisition is expected to take place well in the short term due to its maximum occupancy rate and monetary transport. As for the long-term outlook, Trilogy’s asset control department would operate the assets and raise the price to the assets before Trilogy finally sells the assets in the future, the spokesman said. from the company to MHN.
Trilogy also owns 3 multifamily homes nearby in the Columbus, Ohio area. In Columbus, Trilogy’s portfolio includes 324 sets from Bradford to Easton and 292 sets from Central Park Apartments. The company also owns 218 Kenyon Square sets in Westerville, a suburb of Ohio, Trilogy sold a network of 375 units in Eden Prairie, Minnesota, for $61 million, or $20 million, in 2018.