Columbus, OH: Somerset Place

Preliminary Projections:

 

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% 
  • Opportunity for quick sale

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

  • Preferred Return: 8%

Tidegate Capital placed under agreement Dec 30, 2019 

Property Acquired May 6, 2020

  • 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

© 2019