Vela Cos. Purchased Columbus Housing Community for $24.5M

The 220-unit Park Trails property in Columbus changed hands following a $19 million loan.

Updated on Oct. 9, 2026 in Commercial

Vela Cos. Purchased Columbus Housing Community for $24.5M

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Vela Cos. acquired the 220-unit Park Trails housing community in Columbus from April Housing for $24.5 million. The transaction, completed in October 2026, involves a 5-acre residential site located in the Walnut Heights neighborhood.

Why it matters

The sale of this established community reflects ongoing activity in the local rental market, which currently maintains high occupancy levels. Understanding such property transitions can provide context for those monitoring neighborhood stability and regional residential development trends.

The property includes 220 units across 24 buildings that reached a 95 percent occupancy rate in June 2026. The purchase was supported by a $19 million Fannie Mae loan, representing a 77.6 percent loan-to-value ratio.

The players

Vela Cos.

A real estate investment firm that manages residential property acquisitions and financing structures.

April Housing

A company created by Blackstone in 2022 to manage and preserve affordable housing units.

M&T Bank

A financial institution providing mortgage and commercial lending services to property developers.

Fannie Mae

A government-sponsored enterprise that provides liquidity and stability to the U.S. housing finance market.

The details

Vela Cos. financed the acquisition through a $19 million loan originated by M&T Bank. The property, which debuted in 2002 and entered LIHTC service in 2003, averages 1,185 square feet per unit. This transition represents a change in stewardship for the 5-acre asset, which serves residents earning up to 60 percent of the area median income.

The Park Trails property originally debuted in 2002.
The community was placed into LIHTC service in 2003.
Blackstone created the seller, April Housing, in 2022.
Occupancy at Park Trails reached 95 percent in June 2026.
The sale to Vela Cos. was finalized in October 2026.

Money Landscape

This acquisition sits within the established lifecycle of developments utilizing the Low-Income Housing Tax Credit program. It follows a pattern of institutional investment in multi-family properties that remain a fixture of the regional housing supply.

For residents of the property, ownership changes typically do not affect existing lease terms or rent affordability requirements in the near term. Households should continue to direct payments to the management office and monitor any future notices regarding updated contact procedures.

The takeaway

Large-scale property sales often mark a change in management, but tenant protections typically remain tied to the original property covenants. If you are a resident, retain a copy of your current lease and contact a housing advocate if you have questions about your specific rights during the transition.