Recent Transactions
Columbus, OH: Somerset Place
FULLY SUBSCRIBED - OPPORTUNITY CLOSED
The Bradford School, to be known as Somerset Place, represents an extremely unique opportunity to acquire and invest in a significant value-add property in one of the country’s most exciting markets, Columbus, OH.
- Projected net-to-investor IRR for 18 month year hold: 34%
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Opportunity for quick sale
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Option to finance and return 80-100% of equity to investors, while maintaning same ownership percentage
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Preferred Return: 8%
Tidegate Capital placed under agreement Dec 30, 2019
Property Acquired May 6, 2020
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Will be delivered as a totally vacant building
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32 Units will be renovated and upgraded to appropriate market standards
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16 units have already been upgraded and leases and move-ins have begun
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Commercial spaces will be configured with long-term leases to attract stable tenants
Total Project Cost: Approx $3,400,000 inclusive of:
- $2,655,000 Acquisition price
- More than $600,000 Capital Improvements to be made which include:
- Contemporary renovations of most units
- Exterior Improvements for enhanced curb appeal: tree islands, green space, portico
- Kitchen and Bath Upgrades as needed