The Commons at Water’s Edge at 4653 Refugee Road in Columbus, Ohio — Courtesy: Reynolds Asset Management
By Joshua Burd
Reynolds Asset Management has made another acquisition in Ohio, adding a 432-unit apartment complex in Columbus that it now plans to renovate over the next year.
The Paramus-based firm said it teamed with the Slabotsky Family Office in the transaction at 4653 Refugee Road, the site of what’s known as The Commons at Water’s Edge. It expects to begin renovations immediately as part of a planned $10 million investment that will update individual units, common areas, exterior stairwells, siding and windows, while adding new exterior amenities, updated landscaping, improved site lighting and new roofing.
“This property is situated in the highly desirable Eastland submarket, a prime location within the rapidly growing Columbus region,” said Matthew Earl, Reynolds’ chief operating officer. “With significant enhancements planned, we’re looking forward to transforming The Commons at Water’s Edge into an exceptional place to live.”
The property, which has a mix of one- and two-bedroom apartments, is the second that Reynolds has acquired in the Columbus market in the last 18 months and its third in Ohio overall.
“We’re excited to partner with Reynolds for the second time, building on the success of our previous work together,” said Noah Slabotsky, president of the Slabotsky Family Office. “The firm’s commitment to revitalizing multifamily communities aligns perfectly with ours, and we are eager to bring our shared vision to Columbus.”
Newmark’s George Skaff, Carter Stephens and Julie Mickley brokered the transaction, the terms of which were not disclosed. Henry Stimler and Ricky Warner of the firm’s capital markets strategies team procured bridge financing.
“We’re proud to have played a role in this acquisition as it represents a strategic investment in a high-growth area, and we are confident that it will generate long-term value for the Reynolds team,” Skaff said.
Warner, director of debt and structured finance with Newmark, added: “It was a pleasure working with Matt and the entire Reynolds team on this transaction. The fixed-rate bridge loan, covering 100 percent of future capex, enables Reynolds to completely revamp the property to align with the high standards of their portfolio. The favorable acquisition basis allows for significant capex investment to bring their vision to life. By locking in a lower all-in fixed rate, Reynolds effectively mitigates rate volatility risk, allowing them to focus on executing their business plan and leveraging their managerial expertise without the need to adapt to unpredictable market conditions.”
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