Magnolia Trace
Magnolia Trace sits in a vibrant community within Columbus. With plenty of opportunities for fun, food and entertainment, residents can find refuge from the city while enjoying an easy commute. These newly built apartments offer a selection of one-, two- and three-bedroom units for rent. Apartment homes feature a private entrance, 9-foot ceilings, a spacious walk-in closet, washer and dryer connections, a private balcony or terrace and garage parking. Residents can also enjoy a private clubhouse, outdoor pool and 24-hour fitness center.
UNITS FEATURE:
- 1-, 2- and 3-bedroom open-concept layouts
- 9-foot ceiling heights
- Eat-in kitchen with breakfast bar
- Energy-efficient GE appliances
- Espresso Shaker-style cabinetry
- Granite-style countertops
- Patio or balcony space
- Wood-style vinyl plank flooring
COMMUNITY AMMENITIES:
- Outdoor swimming pool
- 24-hour emergency maintenance services
- 24-hour fitness center
- Rentable detached garages
- Smoke-free community
- Various lease term options
HIGHLIGHTS:
- Located near Blendon Park for outdoor activities
- Pet-friendly community
INVESTMENT
$45.5 million in bonds
Acquisition Cost
13
PARTNERS
312
Units
| Sources | Amount | Uses | Amount |
|---|---|---|---|
|
AHT 1st Mortgage |
$2,200,000 |
Acquisition |
$675,001 |
|
AHT 2nd Mortgage |
$300,000 |
Site Work |
$616,734 |
|
OHFA HDAP |
$300,000 |
Hard Costs |
$10,853,146 |
|
City of Columbus HOME |
$825,000 |
Soft Costs |
$2,406,777 |
|
CMHA Loan |
$108,828 |
Developer Fee |
$1,000,000 |
|
Member Donations |
$25,500 |
Reserves |
$119,217 |
|
FHLB AHP |
$1,000,000 |
|
|
|
State Capital Grand |
$300,000 |
|
|
|
OCIC Grant |
$100,000 |
|
|
|
Def. Dev. Fee |
$455,859 |
|
|
|
LIHTC Equity |
$10,055,688 |
|
|
|
Total |
$15,670,875 |
Total |
$15,670,875 |
PARTNERS
CVS Health, Ohio Capital Corporation for Housing (OCCH), Affordable Housing Trust of Columbus and Franklin County, City of Columbus, Park National Bank, Federal Home Loan Bank of Cincinnati, Ohio Legislature, Ohio Capital Impact Corporation for Housing, Ohio Housing Finance Agency, Moody Nolan, The Salvation Army, Alvis, Inc., Freedom a la Cart.
CMHA ROLE
The Columbus Metropolitan Housing Authority acquired the newly built Magnolia Trace Apartments in 2021 and owns, operates and serves as the asset manager of the property. The acquisition is a part of CMHA’s commitment to quality apartments and long-term affordability. To further this goal, up to 10% of the property residents are provided vouchers and 30% of the rents are restricted at 80% AMI.