NAI Ohio Equities Sells Former Motel; Will Become Affordable Housing for At-Risk Youth
COLUMBUS, OH – March 1, 2019 – A former Knights Inn and Motel 6, located at 1551 W. Broad Street in the Franklinton area of Columbus will soon become housing for at-risk and homeless youth.
“Converting these former hotels, known for drug and other illegal activity, into supportive housing is an exciting prospect, but one that will take the support and collaboration of many partners,” stated Jeff Mohrman, Vice President, Real Estate Development of Finance Fund.
The fund set an aggressive timeline of 18 months to acquire, renovate and place in service 100 units.
The Finance Fund is working in collaboration with the City of Columbus and the Star House on the project. The goal is to support and house youth aged 18-24 who are homeless, or who have aged out of foster care.
The City of Columbus will contribute $1.5 million to project to renovate seven properties on four-acres with the first residents moving in at the end of the year.
“Finance Fund and NAI Ohio Equities is thrilled to have played a lead role in the unique and impactful redevelopment of this blighted property,” stated Patrick Larrimer, an agent with NAI Ohio Equities who worked with the buyer of the property.