COLUMBUS, OH Chicago-based Tricap Residential Group and Bloomfield Hills, MI-based National Equity Corp. finalized the acquisition of the Worthington Woods Apartments on behalf of a private investment group.
Tricap acted as due diligence consultant on the deal and will serve as property manager. “Our continued expansion in the Columbus market is exciting for our firm and for our investors,” Bryan Pritchard, founder and principal of Tricap, says in a release.
The 96-unit gardenstyle community was fully stabilized at acquisition and there are no plans for major capital improvements. “We were able to purchase a stable asset in a strong middle-market community at a fair price. This recipe, in combination with historically low long-term financing, should produce stable returns for our investors for many years to come,” Pritchard says. The multifamily property includes four three-story buildings and has a mix of one bedroom and two bedroom units.
Tricap Residential Group is an owner and operator of multifamily apartments throughout the Midwest. Founded in 2007, Tricap specializes in a full range of real estate services for apartment properties including acquisition and development, property management, renovation and improvement, and advisory services.