A New York City-based company known for buying and renovating some very high-profile office buildings has purchased the Grant Park Apartments in Weinland Park.
The apartments, which sit on the east side of Grant Avenue between 5th and 11th Avenues, are spread over more than a dozen different buildings and contain a total of 462 units.
A representative of 601W Companies, whose portfolio includes the Old Post Office building in Chicago and the U.S. Steel Tower in Pittsburgh, confirmed the sale and provided the following statement to Columbus Underground:
“We are thrilled to acquire this newly constructed and high-quality property from Thrive Companies. The acquisition represents our belief in the continued growth of Columbus, as a rapidly developing technology hub, anchored by a top-tier university and a resilient and thriving labor force.”
Thrive Companies – then known as Wagenbrenner Development – began building the apartments in 2017, several years after the remediation of site was complete (it held the Columbus Coated Fabric plant, which closed in 2001 and was demolished in 2007).
The Columbus-based developer has also been steadily building single family homes on the west side of Grant Avenue since 2013.
Co Ingersoll, Vice President of Marketing for Thrive Companies, said that the sale to 601W Companies includes all of the apartments east of Grant Avenue, including two buildings recently completed at the southern end of the site, on East Fifth Avenue. It does not include the townhomes clustered around Joyce Hughes Park, which were built to be sold to individuals as condominiums. Ingersoll said that three of those condo units are still under construction and will go on the market later this year.
Residents of the apartments received a letter at the end of May informing them of the ownership change and the new property management company; Star High Management.
Although neither Thrive Companies nor 601W Companies would disclose the total sale price for the apartments, the Franklin County Auditor’s website lists the 6.7-acre parcel at 1298-1442 N. Grant Ave. – which contains 12 three-story apartment buildings – as having sold for just over $56 million.
The ownership and transaction information of the other parcels that were part of the sale had not yet been updated as of the time of this article’s publishing.