Hermance Capital
Columbus, Ohio
A large, diversifying Midwest capital with a major semiconductor bet underway — strong long-run drivers, but a supply wave we’re waiting out.
Why Columbus
Columbus is one of the Midwest’s most dynamic metros: the Ohio state capital, home to Ohio State University, and the site of a multibillion-dollar semiconductor investment drawing suppliers and construction employment.
Its economy spans insurance and financial services, logistics, healthcare, and tech, with steady population growth. The long-run demand story is among the best in the region.
What we’re watching
The reason we’re patient here is supply.
Pipeline. Roughly 11,000 units are under construction — a large wave still cresting, which pressures rents and lease-up in the near term.
Timing. We’d rather underwrite here after the current deliveries are absorbed, when the long-run demand story isn’t competing with a supply glut.
How this fits our box
We’re looking for 20–50 unit, B/C, 1985–2010-vintage value-add communities in the $2M–$8M range, priced so a light reposition clears our gates: positive leverage from day one, at least $100 per unit per month in real cash flow, and debt-service coverage we won’t stretch to hit. Every sponsor calls their underwriting conservative; we’d rather show you the gates than claim the adjective.
Sources & caveats
Jobs — BLS Current Employment Statistics (metro), May 2026 preliminary, subject to revision. Population — U.S. Census Vintage 2025 CBSA estimates (2024→2025). Rent-to-income — Zillow NRAR (May 2026); back-series was rebased and isn’t comparable to pre-2026 values. Supply — broker/research reports, Q2 2025–Q2 2026. This page is general market information, not investment advice or an offer of securities, and describes the metro rather than any specific property. Refreshed quarterly.
Own or broker in Columbus?
We’re not actively sourcing Columbus today, but we track it closely and screen every inbound deal — same fast, straight read. If it fits (20–50 units, B/C), send it.
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