Schottenstein Real Estate Group announces the sale of three developments totaling $177 million in Powell, Ohio; Sunbury, Ohio; and Palm Beach Garden, Florida. At the same time, the developer announced more than 1200 new units being constructed in three Delaware County developments.
Cortland purchased the Delaware County Developments of Powell Grand Communities, located at Seldom Seen Road and Sawmill Parkway, and Northlake Summit, located at State Route 36/37 and I-71, communities. Additionally, Central Gardens Grand in Palm Beach Gardens, Florida was sold to L&L Investors.
“Our developments were located in perfect locations for these times in high end suburban areas,” said Corey Schottenstein, managing partner. “The type of product we develop is probably one of the best real estate investments in the current economic climate.”
In With The New
Schottenstein Real Estate Group’s focus on high end rental developments is strongly evident in their recent projects.
Liberty Grand Communities is the first-ever large-planned-rental community approved in Liberty Township. The community sits on 300 acres northwest of Olentangy Liberty High School near Sawmill Parkway and Home Road. It includes a mix of townhomes, garden apartments and ranch homes.
Liberty Summit is also in construction in Liberty Township and Orange Grand Communities is currently being developed as the newest rental community in Orange Township.
“Liberty and Orange Townships have been great to work with in public/private partnership, and they encourage the need for quality multifamily developments planned, designed and built to the highest standards,” said Schottenstein Real Estate Group’s President Brian Schottenstein.
SOURCE: Schottenstein Real Estate Group