A new nonprofit, the Columbus Housing Enterprise, has partnered with CMHA to buy Copperleaf Apartments off Sawmill Road for affordable housing.
A new nonprofit is teaming with the Columbus Metropolitan Housing Authority to buy the Copperleaf Apartments off Sawmill Road on the city's Northwest Side with the goal, they say, of preservingThe Columbus Housing Enterprise, and CMHA are paying $8.1 million for the 108-unit property from a partnership of companies headed by local developers Bob Weiler and Don Kelley.
Copperleaf's market value is about $16 million, or about $150,000 per unit, Weiler said. Kelley and he are selling it for about $75,000 a unit, he said, calling it a"bargain sale.""We're not giving it away because we don’t want it anymore. We're giving it away because we don't need the income anymore," Weiler said. The complex will be better served with tenants who'd like to have their children get into good schools with stores nearby, he said.
The Rev. John Edgar, retired executive director of the nonprofit Community Development for All People, is the president of the Columbus Housing Enterprise. He said people living at Copperleaf are already in that income range.Edgar said that it's a real challenge now to build more affordable housing in the area.
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