A 144-unit apartment complex tucked between downtown Columbus and Ohio State University has changed hands, backed by a $17.5 million term loan from a Chicago bank. The property, Trotters Park at 720 Michigan Avenue, sits in the historic Harrison Park neighborhood and was financed for its new owner, The Schirm Firm, a fourth-generation, family-owned real estate company.
Byline Bank’s Commercial Real Estate Group announced it provided the loan to finance the acquisition, according to Yield PRO. The deal marks the fourth transaction completed between Byline Bank and The Schirm Firm, continuing what the bank describes as a longstanding lending relationship, and it extends the sponsor's national real estate footprint. Trotters Park's address and Harrison Park location, a neighborhood placed on the National Register in 1975, are confirmed by Pickett Companies.
Inside the Property
Trotters Park consists of six three-story buildings holding 144 suites, with a unit mix of 108 one-bedroom, one-bathroom apartments and 36 two-bedroom, two-bathroom units, per Schiff Capital, which is listed as the project's co-developer on a now-complete build. The property was developed in 2015 and consists of luxury one- and two-bedroom apartment suites, according to Hill Property Partners. Amenities include a fitness center, a clubhouse, a pool, and a sun deck with grilling and fire features, Pickett Companies notes, along with direct access to the Olentangy Recreation Trail.
The property's location is part of its appeal: Trotters Park sits in an infill pocket between downtown Columbus and Ohio State University, bordered by a citywide walking and bike trail that links downtown, the university, and other popular city destinations, per the Yield PRO report. That connectivity has long made the Harrison Park area attractive to renters commuting between campus and the urban core.
What the Lender and Buyer Said
Sarah Hunter, senior vice president of commercial real estate at Byline Bank, said strong client relationships are central to the bank's lending approach and that the bank was pleased to support The Schirm Firm, the same report states. Hunter added that familiarity with The Schirm Firm's team and investment approach allowed for efficient collaboration and financing tailored to the firm's needs for Trotters Park.
Bill Carey, principal at The Schirm Firm, said Byline was a trusted, responsive, solution-oriented partner committed to helping the firm achieve its objectives, according to the same account. Byline Bank's transaction team on the deal included Hunter along with Mason Tittle, Matt Smith, and Eric Estela, the report notes.
A Shifting Columbus Rental Market
The financing lands amid a Columbus multifamily market showing mixed signals. Net absorption across the metro reached 8,027 units over the prior 12 months, the highest level in five years, according to Realist Capital. Overall vacancy, including lease-up properties, stood at 10.1%, while stabilized vacancy was lower at 7.7%, the firm's analysis found. Columbus also had 7,333 multifamily units under construction across 33 properties at the time, equal to 3.1% of total inventory.
Sales activity, meanwhile, has slowed sharply. Columbus multifamily sales volume totaled $336.8 million across 121 transactions over the prior 12 months, down 59% year over year, per Realist Capital's data. The average transaction cap rate in the market was 7.7%, with prices averaging roughly $37,300 per unit. Trotters Park itself sold in August 2026 for $31.465 million, or about $218,506 per unit, with 11.1% of the property vacant at the time of sale, the same Realist Capital analysis shows.
Rent growth in the metro has stayed modest. The average advertised asking rent reached $1,368 through July 2026, up just 0.2% on a trailing three-month basis and 0.4% year over year, according to Yardi Matrix. The firm forecasts a 2.3% rent increase for Columbus across all of 2026. Columbus added 2,747 new multifamily units through July, equal to 1.3% of existing stock, Yardi Matrix reported, underscoring the steady pipeline of new supply landlords are competing against even as absorption improves.
About the Lender
Byline Bank's Commercial Real Estate Group, headquartered in Chicago, provides first-mortgage construction, bridge, and permanent loans secured by properties in the Chicago area and nationwide, focusing on industrial properties, including deeply infill sites, and multifamily properties such as student housing and active adult communities. The group has closed over $3.2 billion in loans for its target market since 2014, per the Yield PRO report. Byline Bank itself is a full-service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers, with approximately $9.9 billion in assets and more than 40 branch locations across the Chicago and Milwaukee metropolitan areas. The bank is a subsidiary of Byline Bancorp, Inc. (NYSE: BY) and is a member of the FDIC and an equal housing lender.
