Commercial real estate firm expands Ohio portfolio with 176 units
Nearly a year after expanding into Ohio, New Jersey-based commercial real estate firm Reynolds Asset Management has closed on a deal to purchase a multifamily housing complex in Columbus, Ohio – recently named the fastest-growing city in the United States according to a Bank of America Institute study. The sale of Hyde Park Townhomes, located at 5650 Knighthood Lane, was brokered by Joni Sweetwood and Rob Holland from the Kislak Company, and supported by lenders JLL Capital Markets through Matt Pizzalato, Tom Diddio, Max Custer, Sal Buzzerio, and Mike Mataras.
“Columbus is an excellent market to be investing in and we are eager to support the residents of this area,” said Lou Reynolds, founder and CEO of Reynolds Asset Management. “The city is the capital of the state, home of Ohio State University, and boasts great employment demand and high incomes with large-scale investment coming to the area. Expanding on our prior expansion in Ohio, Hyde Park Townhomes will provide comfortable and conveniently located housing options for the residents in this rapidly growing city.”
Built in 1974, Hyde Park Townhomes consists of 176 units, including 3-story townhomes that contain finished basements as well as flats which vary between two- and three-bedrooms with additional amenities like walk-in closets, patios, or balconies. The property is situated a short drive from the John Glenn Columbus International Airport, multiple shopping centers, parks and recreational facilities. The area will continue to grow with a large, $20 billion manufacturing facility being built by Intel nearby, bringing more jobs to the area and increasing the demand for high-quality housing.
“JLL is pleased to help facilitate Reynolds’ continued expansion into the Midwest by providing accretive Fannie Mae acquisition financing for the purchase of Hyde Park Townhomes. This financing commanded the best pricing, interest-only and leverage available in the market. Thank you to the Reynolds Team for entrusting in JLL,” stated Didio.
“We value the professionalism and the commitment to the community that Reynolds brings to the table,” said Joni Sweetwood of Kislak Company. “We’re honored to play a role in this acquisition, as we’re certain it will enhance the living standards for current residents and offer up elevated living spaces to those that are relocating to this burgeoning community.”
For more information on Hyde Park Townhomes or their other ventures, please contact the Reynolds Asset Management team at info@reynoldsasset.com.
About Reynolds Asset Management
Founded in 2003, Reynolds Asset Management is a passionate team of investors dedicated to providing superior management of commercial real estate projects nationwide. Based in Paramus, New Jersey, Reynolds’ investment and development portfolio includes multifamily, mixed-use, office and industrial projects in New Jersey, New York, Pennsylvania, Ohio, Louisiana, Texas, and Florida, bringing positive change to the communities it touches. For more information on current projects, visit www.reynoldsasset.com or connect with the firm on LinkedIn.
About JLL Capital Markets
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Kislak Company
Founded in 1906 by Julius Kislak, today the organization has operations spanning New Jersey, Pennsylvania, and Florida. Comprising entities such as The Kislak Company, Inc., Kislak Commercial Real Estate Services, Inc., and J.I. Kislak, Inc., the organization specializes in real estate investments, asset management, and commercial and investment real estate brokerage. For more information, visit: kislakrealty.com
