June 2024 Alumni Communication

Brothers, 

As The Kappa Sigma House Company communicated in September of last year, after being unsuccessful in raising adequate funding to preserve the home at 1842 Indianola Ave, we engaged Equity Commercial Real Estate Solutions to market the property. The property was put on the market in October and several finalists were chosen to provide their best bids. In January we entered into contract with the national real estate group for the Pi Kappa Alpha fraternity. Pi Kappa Alpha offered the highest bid, the best chance to preserve the character of the property, and had a track record for purchasing and maintaining fraternity houses across the country. 

After 70+ days of due diligence, the transaction closed at the end of March. The gross selling price was $2,525,000 and after paying off the mortgages, closing costs, and entering into a three year agreement with the newly founded alumni association to take over alumni programming, a net amount of $1,766,080 was donated to the Alpha-Sigma of Kappa Sigma Education Foundation to provide future support of hopefully a future chapter at The Ohio State University. 

Over the next several months The Kappa Sigma House Company will file the final tax returns, pay off final expenses, donate the remaining funds of approximately $2,000 to our Education Foundation, then suspend operations. Expect updates from our Education Foundation and Alumni Association regarding the future of Kappa Sigma at The Ohio State University. 

A.E.K.D.B. 

Phil Turner
President
Kappa Sigma House Company