COLUMBUS, Ohio (WCMH) — A portion of the Gravity apartment complex in Franklinton has changed hands, with property records indicating a transfer earlier this month.
The first phase of Gravity, located at 480 W. Broad St., was transferred on Jan. 7 to Ash Realty SPE III LLC, according to Franklin County Auditor’s Office records. The limited liability company lists an address connected to the Merchants Bank of Indiana, which has provided financing for several large multifamily projects nationwide.
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The transfer could indicate a deed-in-lieu of foreclosure, a process in which a property owner voluntarily conveys ownership to a lender to avoid foreclosure proceedings. Neither the buyer nor the seller has publicly confirmed the nature of the transaction, and no sale price was listed in the auditor’s records.
Kaufman Development, which developed the property, did not respond to NBC4’s request for comment. However, company CEO Brett Kaufman provided a statement to NBC4 partner Columbus Business First addressing the broader context of the transaction…