Columbus 3-Property Portfolio

Executive summary

​​​​​​​BWE Investment Sales LLC (BWE) is pleased to present the exclusive opportunity to acquire a controlling interest in a three-property, 454-unit affordable housing portfolio in Columbus, Ohio, collectively 94%+ occupied. All three properties — Crosswinds Village, Winchester Lakes, and Winchester Village — are subject to a long term ground lease with the Columbus Metropolitan Housing Authority (CMHA) that provides a 100% real estate tax exemption. Each property carries extremely attractive in-place debt at rates between 2.68%–3.63%, and two carry a partial HAP contract. This is a rare opportunity to acquire scale in one of the most attractive investment markets in the U.S., within a solidified partnership structure that maximizes economic benefits and insulates a new owner from market volatility.

Crosswinds Village and Winchester Lakes were built in 1998 and 1996, respectively, and rehabilitated in 2021 using Low Income Housing Tax Credits (LIHTC). Both properties carry a partial HAP contract and are subject to affordable housing restrictions tied to the tax credit regulatory agreement (100% at 60% AMI) and to the ground lease that facilitates the 100% real estate tax exemption. Winchester Lakes is 90% occupied and Crosswinds is 97% occupied. Winchester Village is directly adjacent to Winchester Lakes and is subject to affordable housing restrictions (75% at 80% AMI, 25% at 100% AMI) tied to the ground lease, which facilitates the 100% real estate tax exemption. The property is 96% occupied and shares resources with Winchester Lakes.

Ownership Structure
The transaction is structured as follows:

Crosswinds Village and Winchester Lakes (GP Interest): The buyer will acquire the controlling interest — the Managing Member and Administrative Member interests, collectively referred to as the General Partner (GP) interest — in the LIHTC partnerships that own each property. The new GP would receive approximately 90-95% of cash flow from operations.

Winchester Village (100% Leasehold Interest): The buyer will acquire 100% ownership of the property’s improvements and operations, structured as a leasehold interest under CMHA’s ground lease. Fee ownership of the underlying land remains with CMHA through the ground lease term. There are no tax credits, investor consent requirements, or additional partners. The buyer also has the ability to assume the existing loan or place new financing on the property.

Property Overviews
Crosswinds Village: 1600 Belvoir Boulevard, Columbus, OH 43228 | 232 units | Built in 1998/Renovated in 2021 | 97% occupied | LIHTC, partial HAP, GP interest
Crosswinds Village provides affordable apartment homes in the Southwest Airport area of Columbus, Ohio. Conveniently located just over two miles from I-270 with easy access to Downtown Columbus, Grove City, Hilliard, and Dublin, the community sits near grocery stores, restaurants, and neighborhood shopping. Residents enjoy fully equipped kitchens with dual sinks, garbage disposals, microwaves, dishwashers, and a full-size washer and dryer in every home, along with walk-in closets, balconies or patios, and vaulted ceilings in select units. Community amenities include a newly remodeled pool, a 24-hour on-site fitness center, a clubhouse, a media center/movie theatre, a playground, a courtyard, on-site management and maintenance with a 24-hour emergency hotline, and detached garage parking options, creating a comfortable, well-rounded place to call home.

Winchester Lakes: 6655 Kodiak Drive, Canal Winchester, OH 43110 | 150 units | Built in 1996/Renovated in 2013 | 89% occupied | LIHTC, partial HAP, GP interest
​​​​​​​Winchester Lakes offers affordable two- and three-bedroom apartment homes in the highly regarded Canal Winchester Local School District, just outside Columbus, Ohio. Located minutes from the expressway and a short drive from major shopping and dining, the community provides worry-free, family-friendly living in a quiet setting. Residents enjoy air-conditioned apartment homes featuring dishwashers, garbage disposals, pantries, island kitchens in select units, large bedrooms, and generous closet space, with washer/dryer hookups available. Community amenities include a playground, free parking, friendly on-site management, and 24/7 maintenance service, making Winchester Lakes a welcoming, budget-friendly option for families.

Winchester Village: 6655 Kodiak Drive, Canal Winchester, OH 43110 | 72 units | Built in 2014 | 96% occupied | Workforce, 100% leasehold interest
​​​​​​​Winchester Village offers spacious two- and three-bedroom apartment homes, with den options available, in Canal Winchester, Ohio. Conveniently located near I-70 and Route 33, the community is just minutes from Winchester Square Shopping Plaza, Waterloo Crossing Shopping Mall, and Canal Commerce Center, and is served by the Canal Winchester Local School District. Built in 2014, each pet-friendly, open-concept apartment features 42” raised-panel kitchen cabinets, brushed nickel hardware and fixtures, 9-foot ceilings, walk-in closets with custom shelving, and comfort-height bathroom vanities with stand-up showers or garden-style tubs. Residents also enjoy in-unit washer/dryer connections and private patios or balconies, offering a modern, comfortable living experience close to shopping, dining, and everyday conveniences.