Schottenstein Real Estate Group to Expand Portfolio by $300 Million

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Ohio-based Real Estate Developer, Schottenstein Real Estate Group, is set to begin a major development and building phase spread across multiple states in the midwest & southeastern parts of the country. The developments are planned to be very high end residential apartment communities, and also will have retail, offices, and other mixed-use components.

"What we’ve tried to do is analyze the criteria for the flourishing apartment market, and then very methodically select both the locations, product, and lifestyle to develop"-Corey Schottenstein, Partner.

The Schottenstein Real Estate Group, who recently celebrated their 40 year anniversary, began increasing their investments in 2009, positioning themselves early in a market that has been surging ever since, and is now one of the hottest sectors across the entire economy. Statistics confirm that Schottenstein Real Estate Group is now one of the largest developers in the Midwest.

Corey Schottenstein, partner in the new developments, said the overall investment will be more than $300 million, and that while all of the new downtown urban developments get the headlines, their investment will only target the best suburban locations. This includes five projects in the North and Northwest suburbs of Columbus, as well as projects in Cincinnati, Kentucky and developments in Palm Beach County, Florida. “What we’ve tried to do is analyze the criteria for the flourishing apartment market, and then very methodically select both the locations, product, and lifestyle to develop, said Schottenstein. “This allows us to stay within the ‘eye of the trend,’ while also minimizing any downside, in the unlikely case of an industry slow down.”

Research shows that this strategy has validity to it as studies have proven the current apartment industry boom was initially catapulted by the (single-family) housing bubble. Schottenstein’s developments will be projects that not only include clubhouses equipped with fitness centers, theater rooms, resort-style swimming pools, and community gardens, but where almost every apartment will come with an attached garage. Corey Schottenstein explained, “In the past, the word ‘apartment’ has had an inferior connotation, so with the housing market forcing so many people to live in one, we have strategically tried to offer a product that allows those renters to not only keep the same look and feel of their suburban home or condo, but simultaneously, actually improve their lifestyle… and ultimately, they become ‘renters by choice’.”

The majority of these new developments will also have retail components. “Our innovative mixed use developments have been well received by municipalities and residents as we continue to build in top locations," said Vice President Brian Schottenstein.

As part of this new phase, Schottenstein Real Estate Group has recently completed its 228-unit Grove City Summit off State Route 665 near I-71 and opened its 196-unit Grand at Polaris off Old State Road, one block north of Polaris Parkway. The company is also currently in construction of 294 units and 20 acres of retail in Mason, OH as well as 236 units in Florence, Kentucky. Schottenstein Real Estate Group has been voted the BIA Developer of the Year on three separate occasions as well as recently being ranked the #1 and ‘Best Commercial Real Estate Developer’ by Business First and CEO Magazine, respectively.

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