From 2020-2023, the population of people aged 65 and older grew faster than other age groups in the Columbus, Ohio metro area. For seniors, affordable housing is especially crucial as they transition to fixed incomes and seek to stay in the community they’ve built their lives in. Caravel Apartments, our brand-new apartment community will serve this growing age group that is projected to nearly double by 2040.
Caravel Apartments will be a 3 building, 234-apartment home community for seniors that will serve residents with incomes restricted at 50%, 60%, and 70% of the Area Median Income (AMI). All three buildings will be four-stories, with 78 apartment homes, and have a combination of 1 and 2-bedroom floorplans. This is a 7.5- acre site located on the West side of Columbus near interstate 270. This will be KPG’s first senior property in the Columbus, Ohio area.
The community will have plenty of amenities to provide residents with comfort and convenience! Amenities for this senior community will include community space with a full kitchen, fitness center, business center, library, bark park, washer/dryers in each unit, patio or balcony for each apartment home, bike storage, garages available for rent, additional storage units available for rent.
“We are thrilled to bring a community like Caravel to Columbus,” said Erika Scott, Kittle Property Group Vice President- Development. “Building new affordable housing communities makes aging-in-place an option for more seniors. That provides value to both individual residents, their families and the area as a whole.”
Caravel received tax exempt bonds through the Columbus Franklin-County Finance Authority. Additional financing includes a construction loan from KeyBank, a permanent loan from Fannie Mae, and tax credit equity from Key Community Development. Caravel will benefit from a 100% tax abatement on all improvements for 15 years since the project is located within a Community Reinvestment Area (CRA) as as allowed by the State of Ohio and designated by Franklin County.
