Following its purchase of Dogwood Apartments, an 118-unit complex on 7 acres in Chillicothe, Ohio, Monarch Investment and Management Group undertook a transformative makeover.
The property, composed of eight low-rise buildings featuring cottage-inspired exteriors and private entrances, underwent a rapid revitalization after Monarch assumed ownership in October. The acquisition addressed a critical need for quality workforce housing.
There is a high demand for housing in Chillicothe, but an increasingly low supply, which has produced little incentive to maintain or improve existing properties. Monarch's goal with Dogwood Apartments was to breathe new life into the property, including renovating and restoring structural issues.
Upon taking control, Monarch's team discovered significant structural and cosmetic concerns. Residents reported neglected work orders and deteriorating conditions.
Monarch’s first three months were dedicated to addressing the most pressing issues, including repairing unsafe porches and balconies, rehabilitating stairwells, improving drainage and addressing landscaping issues. The firm also brought in a new in-house maintenance staff.
The work combined, with the service improvements, boosted occupancy to 100%.
The deal earned a 2025 CoStar Impact Award for the top sale/acquisition of the year in Columbus, as judged by real estate professionals familiar with the market.
About the project: Dogwood Apartments in Chillicothe, Ohio, population 22,000, sits 2 miles west of downtown Chillicothe's Historic First Capital District. The property includes a clubhouse, a laundry center, and a pool and sundeck.
What the judges said: "The multi-level corrections of the myriads of negative issues present in the complex boost not only the site itself, but the entire adjoining city as well. Availability of housing in central Ohio is an issue--availability of quality housing in central Ohio is even more elusive," said David Dean, senior brokerage administrator with Equity.
They made it happen: Michael Breiner, director of asset management; Alex Didlake, asset manager, and Liam Holt, analyst for buyer Monarch Investment and Management Group.