Pine Bridge Apartments 135 E Cook Rd

BID DATE SET! OFFERS DUE FRIDAY 12/6
Charles Hart Multifamily Group is pleased to present Pine Bridge, a 180-unit apartment community located in Mansfield, OH. The property was built in 1974 and is comprised of 13 residential buildings nestled on nearly 15 acres. Pine Bridge provides an excellent opportunity to acquire a stable, well-located asset, with very little deferred maintenance and upside potential.
Pine Bridge consists one-, two-, and three-bedroom units which range in size from 510 to 816 square feet of living space. The units have
a fully equipped kitchen with a dishwasher, built-in microwave, and washer/dryer connections. Nearly all units have been renovated to some extent and feature updated cabinetry, countertops, as well as tile and luxury vinyl plank flooring. In addition to the unit renovations ownership has made common area improvements as well as numerous HVAC system replacements. The community features include a leasing office, picnic area with grills, two playgrounds, video surveillance, and laundry facilities. The units are all electric which the tenant pays. Currently the owner pays for water/sewer and trash removal but has recently implemented a RUBS program (Guardian) for water. Once implemented, all of the month-to-month tenants will be immediately enrolled into the program leaving only those in a lease remaining.
A new owner will immediately benefit from the capital infusion over the past three years since current ownership purchased the property. In total, more than $1,500,000 has been spent since 2021 including new roofs, stairwells, brickwork, balconies/patios, as well as unit renovations. The property also has newer windows that were replaced by previous ownership.
Pine Bridge is conveniently located in Mansfield just off of Cook Road and OH-13, providing tenants with easy access to the area’s employments, shopping, and dining. Additionally, Interstate-71 is 3 miles from the property providing access to the rest of the greater Ohio area. Mansfield is situated 65 miles northeast of Columbus and 81 miles southwest of Cleveland.
Pine Bridge is being offered free and clear of existing debt and can be purchased individually or in conjunction with the other two properties in the Mansfield 333 portfolio.