1,280-Unit Apartment Complex Heads to Bankruptcy Auction

COLUMBUS, OH-The largest apartment complex int eh city is being sold at auction next month. A half-vacant 74-acre development with 1,280 units in 118 buildings, Lincoln Park Apartments is an asset of Port West LP, which filed for Chapter 11 bankruptcy court protection at the end of August 2002.

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.