Columbus apartments sold to Baltimore real estate company for $16 million

COLUMBUS, Ohio (WCMH) -- A Columbus apartment building is now under the ownership of a Maryland real estate company after a $16.5 million sale.

The Harlow on Main complex at 195 E. Main St. in Downtown was acquired on July 3 for $16,508,158 by MCB Real Estate in partnership with Abide Capital Group, according to Franklin County auditor's office records. The sale marks the first central Ohio acquisition for MCB, which is a privately held commercial real estate investment firm headquartered in Baltimore.

"Harlow on Main is an institutional-quality and best-in-class asset which aligned seamlessly with our portfolio standards," P. David Bramble, MCB's managing partner and co-founder, said. "Harlow on Main represents a strategic investment for our co-GP platform and we are proud to support a promising new sponsor which brings an impressive institutional background."

The 120-unit building opened in 2020 under Homestead Companies, a local group known for developing student, multi-family and senior housing. Given the property's proximity to major Columbus employers, like Nationwide Children's Hospital and the Franklin County government offices, Homestead aimed to meet the housing demand of medical staff and recent graduates.

Harlow features studio and one-bedroom units averaging 483 square feet, with amenities including a clubhouse, a fully equipped fitness center, outdoor terrace with firepit, secured package lockers, a dog park, and structured parking with storage and bike facilities. The ground floor includes about 7,000 square feet of retail space, currently partially leased to a café.

At the time of MCB's and Abide's acquisition, the 120,000-square-foot complex was more than 86% leased. Abide, a multi-family real estate investment manager, focuses on the development of rental housing to address the needs of underserved communities, targeting the Midwest and Southeast U.S. markets. 

"We're proud to partner with MCB Real Estate on this first acquisition together and to help shape the future of downtown Columbus through thoughtful stewardship and community-oriented investment," Abide co-founder Kyle Smith said. "Together, we're well-positioned to deliver lasting value to both residents and investors."

Harlow is one of several Downtown-area complexes that recently changed owners. The buildings making up the second phase of the Gravity development in Franklinton, built by Kaufman Development, sold in May to three limited liability companies that each share a New York address. Franklin County auditor's office records show the combined $78 million acquisition included three of the development's properties.