Location
Executive Summary
Ponderosa Village is comprised of 4 three-story, walk-up, low-rise apartment buildings with 119 units and an abundance of parking. It is located in Northeast Columbus in the Northern Woods neighborhood just north of Route 161 and within minutes of I-71 and I-270. Ponderosa was built in 1979 on a 6.85-acre parcel in a residential part of town, an idyllic setting with mature trees, a gorgeously landscaped courtyard and fenced-in park. The unit breakdown at Ponderosa provides an attractive mix of 71 one-bedroom units averaging 610 sq ft., and 48 two-bedroom units averaging 850 sq ft. Average rental rates are $849 for one-bedroom units and $946 for two-bedroom units. Ponderosa Village is a stabilized asset with a physical occupancy of 98.3%, and is a value-add opportunity with rents that are below market rates.