Hospitality i Ohio

NAI Ohio Equities helps close sale of former Ohio motels

A former Knights Inn and Motel 6, at 1551 W. Broad Street in the Franklinton area of Columbus, Ohio, will soon become housing for at-risk and homeless youth. NAI Ohio Equities represented the buyer of the former motels.

“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,” said Jeff Mohrman, Vice President with the Real Estate Development of Finance Fund, in a written statement.

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 the project to renovate seven properties on four-acres with the first residents moving in at the end of the year.

Patrick Larrimer, an agent with NAI Ohio Equities, worked with the buyer of the property.