Columbus Housing Enterprise, Columbus Metropolitan Housing Authority announce $21.6 million acquisition of Cabot Cove Apartments

Date Published: 
January 8th, 2024

From the Columbus Metropolitan Housing Authority's press release:

Leaders of the Columbus Housing Enterprise (CHE) and the Columbus Metropolitan Housing Authority (CMHA) announced today they have acquired Cabot Cove Apartments, a 288-unit multi-family affordable housing development located in Hilliard, for $21.6 million.

Columbus Housing Enterprise is a nonprofit organization committed to preserving affordable housing in central Ohio through the philanthropic commitment of leaders in the private sector.

The Cabot Cove transaction, CHE’s second project with CMHA, was conceived by local business and civic leaders Don Kelley and Robert Weiler, along with their families, and will ensure the apartment complex will remain affordable for lower-wage earning families, senior citizens and people with disabilities for the next 75 years.

“This acquisition is another step forward in our game-changing strategy to combine the generosity of two successful and community-minded families with a new nonprofit acting as a steward for the preservation of quality existing unsubsidized affordable housing,” said CHE Board Chair Hal Keller.

“We credit CMHA’s leadership and vision for working with us because rents at Cabot Cove would continue to soar as they are across central Ohio without this agreement,” Keller said. “We also believe this model can be replicated as other multifamily property owners follow the lead of the Weiler and Kelley families.”

Read CMHA's press release.

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