Our ninth property sale of 2022 officially closed in Columbus. Dublin Park sold for $96 million today. We originally purchased the property for $53.1 million in 2019.
On the heels of a record-setting sale of West Village, partners Erica McLoughlin, Tommy Genna and Brittney Merritt traveled to Ohio to put this property back on track in January. While renting at the correct rates and delivering excellent customer service, the team drove roughly $80,000 in rent roll this year. They moved the needle from 81 percent economic occupancy in January to 94 percent in August.
“It just goes to show you, if you get the right group of people together, anything is possible. What they did was not easy,” partner and regional head Sal Gracia said.
“This team goes above and beyond for each other. They work hard, give each other a hard time, and have a ton of fun along the way.”
The Dublin Park team achieved the following outstanding results:
- Increased the property’s value by $42.9 million in three and a half years.
- Estimated 75.4 percent IRR.
- Improved the Net Operating Income by $2.9 million since acquisition.
- Returned $26 million to investors on top of their $7.6 million original investment, a 342 percent return.
- Increased other income by $1.7 million since acquisition.
Congratulations, Dublin Park!
- Erica McLoughlin, partner, senior director
- Tommy Genna, partner, senior sales
- Dakota Walters, senior sales
- Dylan Neidenthal, sales
- Brittney Merritt, partner, senior lead tech
- Jon Coontz, partner, lead tech
- Chris Desmarais, grounds
- Sal Gracia, partner, regional head
You can send the team Winners’ Circle Cards at the following properties:
- Estates at New Albany – Dylan, Dakota, Jon
- McCauly Crossing – Tommy
- District at Linworth – Chris
- Reserve at Cary Park – Erica, Brittney