White Chapel Apartments
Located in the River South District of Columbus, Ohio, this project presents an exciting investment opportunity to participate in the acquisition, development, and construction phase of an exceptional downtown project. White Chapel Apartments is a five-story, 28,000 sqft, 39-unit residential multifamily apartment building for rent (one/two bed and bath), plus a three-story triplex building (three 654 sqft one bed/bath units) for rent, and a 1,120 sqft single family house. Project completion is expected for 4th Quarter 2024 with leasing and stabilization to begin in early 2025. This is a ten-year investment but investors may begin seeing cash flowing returns upon stabilization in Year 3/4.
Tax incentives on the investment include: deferred tax until tax year 2026; bonus depreciation (no recapture tax); and no capital gains tax on liquidated profits (federal and most states). The state of Ohio also provides a 10% tax credit that can be used to offset Ohio income taxes. If the investor is not a resident of Ohio or has not earned income in the state of Ohio, this tax credit can be sold with the investor receiving the fair market value of the tax credit as a one-time payment.
Developer: Bianchi Development Company
- Project Name: White Chapel Apartments OZ
- Project Category: Opportunity Zone Investment.
- Projected Completion Date: 3rd Quarter 2032