More than 200 housing units planned for Jerome Village

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A Columbus developer plans to build 230 homes for rent, in what is expected to be the largest “build-to-let” single-family home development in central Ohio.

The company, Coastal Ridge Real Estate, plans to build homes in the upscale neighborhood of Jerome Village in Union County, suggesting demand for rental housing is economically widespread.

The development will include Coastal Ridge’s “Stillwell” line of homes, which the company launched this year in Sarasota, Florida, and Round Rock, Texas. Homes will range from 700 square feet to 1,300 square feet. Called Stillwell Jerome, the development will feature one-, two- and three-bedroom homes with private first floor entrances and individual backyards. With the exception of the smaller houses, which will be duplexes, the houses will be individual.

Rents have not been announced, but “will be in line with market rents for the area,” said Andy Lallathin, co-founder and managing partner of Coastal Ridge. The first houses should be finished next year.

The development expands the growth of alternative rental options in central Ohio. The area has seen an increase in the number of investors buying single-family homes for rent, as well as an increase in attached patio-house style rental homes. But it would be the region’s largest development of single-family homes built exclusively for rental, Lallathin said.

“While Central Ohio has many rental townhouse projects, this is the first rental cottage construction project in Ohio,” he said.

Stillwell Jerome isn’t restricted by age, but given the size of the homes he may particularly appeal to empty nests, although “we also think he will appeal to millennials, young professionals and young families alike. rental alternative,” Lallathin said.

The development is within the Fairbanks School District, although it is just north of Eversole Run Middle School in the Dublin City Schools district.

Columbus Coastal Ridge Real Estate company plans Stillwell Jerome - 230 homes in Jerome Village, all built for rental.

Lallathin said he only sees demand for rental housing continuing, in part due to the rising cost of homes, rising interest rates and the flexibility and convenience that renting can provide. .

“We continue to see strong demand in the type of rental building product because it provides residents with the benefits of single family living, with the amenities and services found in an apartment community,” he said. . “The demand can be attributed to many factors, including demographic trends, rising cost of ownership and tenant lifestyle preferences.”

Nationally, about 6,700 rental units were built in 2021, a number that is expected to roughly double this year, according to an analysis by rental site RentCafe. Columbus trails only Phoenix in rental home popularity, according to RentCafe, which includes terraced rental homes in its analysis.

Lallathin said his company is considering other Columbus-area sites for similar developments.

“Coastal Ridge thinks central Ohio is a strong market to develop this type of product,” he said. “With the exciting news from Intel and the growth the region is experiencing, we continue to seek additional sites throughout the region to bring Stillwell.”

Coastal Ridge is partnering with Florida investment firm Hallstatt Real Estate Partners for the development. The firm of Columbus Hallmark Construction will manage the construction.

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@JimWeiker

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