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. 

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• Projected net-to-investor IRR for 18 month year hold: 34% 

• Opportunity for quick sale

• Option to finance and return 80-100% of equity to investors, while maintaning same ownership percentage

• Preferred Return: 8%

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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 

• 32 Units will be renovated and upgraded to appropriate market standards

• 16 units have already been upgraded and leases and move-ins have begun

• 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