Former Walden Lofts apartments in Italian Village get new owner

A 30-unit apartment building in Italian Village, once pitched as a high-end condominium but left to languish amid money woes, has been sold to a Westerville real estate investor specializing in troubled assets.

Windsor Cos. principal Alex Dorsey bid nearly $4.4 million for the Walden Lofts apartments, beating out 10 other registered bidders in a Dec. 27 court-ordered auction of the building at Auden and Civitis avenues near East First Avenue in Columbus.

He will pay $230,000 for an adjoining 0.41-acre parcel where the investor-builder may develop another 30 apartments after the deal closes in a few weeks.

Dorsey looked at securing control of the surrounding undeveloped land a few years ago by purchasing the mortgage while developer National Community Builders struggled to revitalize the former Jeffrey Manufacturing Co. industrial site in the shadow of downtown.

“I wanted to buy all 27 acres,” Dorsey said. “We ended up with this and we’re happy.”

Those 27 acres ultimately were acquired by Wagenbrenner Development Inc.

Doug Tenenbaum of HER Commercial Real Estate Services scouted the deal for Windsor.

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http://www.bizjournals.com/columbus/print-edition/2013/01/04/languishing-apartments-in-italian.html

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