Two Polaris-area luxury apartment buildings on Lyra Drive just changed hands in a roughly $60.2 million deal, putting hundreds of upscale rental units under new ownership in Columbus' fast-growing Polaris submarket. The latest sale adds to a run of recent activity in the area as investors zero in on stabilized multifamily and high-quality commercial properties.
According to The Columbus Dispatch, Pointe at Polaris Phase II LLC transferred the properties at 8890 Lyra Drive and 8922 Lyra Drive on April 29. County records show sale prices of $34.9 million and $25.3 million, respectively, to entities identified as Polaris Lyra Holdings LLC and Polaris Exchange LLC, for a combined figure of roughly $60.2 million based on the Dispatch’s review of transaction listings.
Part of a mixed-use campus
The two buildings are part of The Pointe at Polaris, a mixed-use campus that blends office, retail, and residential components next to Polaris Fashion Place. An offering packet prepared by Newmark Capital Markets shows the multifamily portion totals 473 units, with an average unit size of 875 square feet, average rent around $1,666, and occupancy hovering at roughly 96.4 percent.
Office and retail moved in a separate deal
Commercial Property Executive reported that DFW LAND picked up the Class A office and retail buildings on the same Lyra Drive campus in a separate transaction, while the residential buildings were carved out of that deal. Newmark arranged the commercial sale, underscoring how the overall development has been sliced for different types of buyers.
What $60.2 million buys in Polaris
At a combined price of roughly $60.2 million, the trade works out to around $127,273 per unit. That snapshot number reflects the premium investors are willing to pay for a stabilized, high-occupancy asset in the Polaris submarket, where marketing materials and the offering packet highlight strong leasing performance and top-of-the-market rents.
When The Columbus Dispatch first noted the transfers, there were no immediate public statements from the buyer or seller, and no details on any planned management changes or capital improvements. Additional information from county deed filings and corporate records is expected to shed more light on the new owners and their strategy for the properties.
