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.
â€œI wanted to buy all 27 acres,â€ Dorsey said. â€œWe ended up with this and weâ€™re happy.â€
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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