Reynolds Asset Management closes on landmark 724-unit multifamily community in Ohio

PARAMUS, NJ — New Jersey-based commercial real estate firm, Reynolds Asset Management (Reynolds), has acquired Edgewater Landing, a 724-unit multifamily community, marking the firm’s sixth acquisition in Ohio. In partnership with Triangle Capital Group, Reynolds purchased the property, located at 4592 Channing Terrace, with plans to invest over $15 million for significant improvements. Representing the seller, the deal was brokered by George Skaff and Carter Stephens of Newmark Group.

“Edgewater Landing marks our third acquisition in Columbus specifically, a market we see as one of the most compelling in the Midwest,” said Matthew Earl, COO of Reynolds. “With continued corporate investment, large-scale employment expansion, and strong regional fundamentals, this investment advances our strategy of investing in high-potential properties where thoughtful improvements will drive long-term value and provide top quality housing.”

The acquistion of Edgewater Landing was completed through a multifaceted assumption and capitalization process, requiring close coordination with the existing lender, legal teams and partners. Despite the complexity of the deal, Reynolds successfully executed the transaction while structuring a business plan that balances capital preservation with long-term value creation. Reynolds’ transformative capital improvement program will focus on curb appeal, roofing, building systems, electrical and mechanical upgrades as well as interior renovations at Edgewater Landing.

“This transaction marks our first partnership with Reynolds and we’re proud of what we’ve accomplished together,” said Adam Ashourzadeh of Triangle Capital Group. “Reynolds’ vision and execution in the multifamily space aligns well with our own approach and we’re optimistic about the impact we can make together, both in this project and beyond.”

“Matthew and the Reynolds team delivered a great execution for our seller and were a pleasure to work with throughout the process,” said George Skaff of Newmark Group. “This deal was a win-win, and we look forward to more opportunities to work together in the future.”