Los Angeles firm pays $43 million for Columbus apartment complex
COLUMBUS, Ohio (WCMH) -- A Columbus apartment complex is under new management after being purchased for $43.5 million by a California investment firm.
Xander on State apartments at 265 E. State St. in Downtown was bought on Dec. 13 by a limited liability company under the same address as RealtyMogul, Franklin County auditor's office records show. A Los Angeles-based real estate investor, RealtyMogul operates a subsidiary named RM Communities focused on multi-family developments that lists the Xander complex as an asset in its portfolio.
The six-story apartment building is located across the street from Grant Medical Center and is home to 221 units. Amenities for residents include a sundeck with a pool and grilling stations, a fitness center, a covered parking garage and more. The building also features 15,000 square feet of commercial space on the first floor.
RM's portfolio includes about 2,700 multi-family units and more than $455 million in real estate, the company's website says. Within the portfolio are several other Columbus properties, including the Bentley Apartments in Grove City, 223 E. Town Apartments in Downtown and the Rose Hill Townhomes and Villas in Reynoldsburg.
Columbus-based development and property management company Borror broke ground on the Xander complex, which spans 271,580 square feet and cost $50 million to build, in 2018. The company has constructed numerous other central Ohio developments, like The Adelphi Quarter in the King Lincoln District and the 40 West apartments in the Victorian Village.