Tricap Residential Group and National Equity Acquire Two Boutique Luxury Apartment Communities in Columbus, OH.

DUBLIN, OH ­ Chicago, IL-­based Tricap Residential Group and Bloomfield Hills, MI-based National Equity Corp. finalized the acquisition of the Bryant Park and Mercer Square on behalf of a private investment group.

The two properties, now referred to as The Bryant Mercer Collection, have a total of 354 luxury apartments and exhibit some of the finest resident amenities in the Columbus market.  Located in the highly desired Sawmill area in the Northwest section of Columbus, the property provides immediate access to shopping, dining, nightlife, and major employers.  Community features include a private outdoor pool lounge, grilling area, and fire-pit.  The resident clubhouse is home to a fitness facility, business center, and complimentary Starbucks coffee.  Designer suites feature gourmet kitchens, huge walk-in closets, in-unit laundry, and outdoor patios and balconies.

Tricap acted as due diligence consultant on the deal and will serve as property manager. The acquisition marks their second foray into the Columbus market after closing on Sawmill Park, a 120-unit apartment community, in late 2012.  Tricap specializes in acquiring, renovating, and managing apartment buildings throughout the Midwest.

“The Columbus market, particularly the Dublin submarket, is one where we see significant potential for rent growth with relatively low downside risk,” Bryan Pritchard, founder and principal of Tricap, says in a press release.  “We’re excited to expand our footprint in Ohio and are eager to build on this momentum as we strengthen our presence in the area.”