Download Offering Materials: Latitude Five25
Capstone Apartment Partners is pleased to present Latitude Five25: a unique opportunity to acquire a centrally located, 392-unit, high-rise apartment community with significant value-add potential near downtown Columbus, OH. Latitude Five25 consists of two 15-story residential towers, offering panoramic views of the city’s skyline. Current ownership has been plagued by several unfortunate events which negatively affected occupancy, reputation, and collections; however, the property has received nearly $4,400,000 in major capital improvements since the current owner’s purchase in 2017, eliminating any possibility of surprises with major systems or mechanicals. Building off this foundation, an incoming investor can focus on significantly growing NOI and generating value by capitalizing on ownership’s proven interior unit renovation program, which has resulted in a 25% to 30%+ Return on Cost.
Additionally, the property sits adjacent to downtown Columbus and is located in the path of progress expanding East of the CBD. Latitude Five25 represents an exciting opportunity to acquire high-rise asset at a fraction of replacement cost with a myriad of avenues to generate significant value over incoming basis for investors looking to expand their Columbus portfolio or break into the market for the first time.
Investment Highlights
Immediate Management Value-Add Upside
Ongoing Capital Expenditures Provide Foundation for Interior Upgrade Program
Infill Location Directly in Path of Progress
Resilient Columbus Market Fundamentals
