Ohio real estate company buys Brighton apartments for $72M

BRIGHTON — An Ohio company has purchased a 12-building Westminster apartment complex powered by geothermal energy for $72 million.

The Elements at Prairie Center complex was sold earlier this month to a subsidiary of Akron, Ohio-based Summit Management Services Inc., according to Adams County property records released Tuesday.

The Adams County Assessor’s Office puts the value of the properties at $66,920,556.

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The two-year old complex holds 288 units across its 12 three-story buildings split between one to three-bedroom units. Apartment rents range from $1,354 per month for single-bedroom units to as much as $2,399 per month for three-bedroom units. The sales price is the equivalent of about $250,000 per unit.

Elements describes itself as an “ecoluxe” development, combining green technologies with luxury amenities.

According to the development agreement, the building uses a mix of irrigation strategies to reduce water use for landscaping by 45 percent versus a comparable multi-family complex and powers each building’s heating and cooling systems with a series of pumps and pipes circulating geothermal heat from below the Earth’s surface.

Summit Management CEO Amit Pollachek did not respond to a request for comment Thursday morning.