Visible from Interstate 270 and located near the 950,000-sf Westland regional mall, Lincoln Park Apartments was built in eight phases between 1965 and 1972. Amenities include a clubhouse, indoor pool, spa/hot tub, laundry facilities and a fitness center. Units range from 390-sf studios to 1,072-sf three-bedroom townhouses.
Sealed bids are due Sept. 8 and the auction will take place Sept. 10. Keen Realty is handling the auction and CB Richard Ellis is handling the marketing. CBRE broker Ed Joseph says the development is actually comprised of 1,760 units but partners in the entity that filed for bankruptcy acquired a portion of the project during the bankruptcy proceedings.
The development's total rentable sf is 1.22 million. According to documents on Keen Realty's website, the land and buildings are valued at around $30 million, or $26.78 per rentable sf. Recent sales of Columbus apartment complexes have ranged from $25 per sf for a 406-unit completed in 1963 to $38 per sf for a 240-unit project completed in 2003.
Port West LP is an entity of Port West Associates in Westerville, OH. Port West acquired the property in 1999. At that time, the complex was described as being in a "crime-ridden area." In 2002, Thomas Fortin, president of Port West Associates, received an award for his efforts to raise the level of occupancy and community at the complex while lowering the crime rate.
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