This well-maintained property offers investors multiple opportunities. Continue leasing the large 10 studio apartments as rental units or follow the trend in the neighborhood by converting to condominiums. The first floor space is currently leased to a Kroger vendor and future use could continue as office or be converted to retail space.
2. CENTER OF REVITALIZED PEDESTRIAN FRIENDLY SPACE
The property sits in the center of the newly developed Court Street Plaza which is home to numerous restaurants and businesses, and hosts to community outdoor events and programming.
3. WALKERS PARADISE
Not only does Court Street Plaza offer its own unique shopping and dining, it is conveniently located in the center of downtown, just blocks away from the new Kroger grocery store, Fountain Square, Aronoff Arts Center, Cincinnati Court House and much more.
4. EASY ACCESS TO ALL OF DOWNTOWN
Walking distance to multiple street car stops to access all downtown Cincinnati has to offer, including the live-work-play neighborhoods to the North - Over-the-Rhine - and south - The Banks - of the CBD provide numerous complimentary lifestyle options to those in the CBD.
Cincinnati, OH 45202
1. This +/- 5.5 acre site is arguably the top riverfront, mixed-use development site in the Midwest, with its premier location adjacent and east of The Newport on the Levee development.
2. The site is designed for a combination of multifamily, hotel, office, retail, condo and parking uses.
3. The visibility, views, access and prominence of this site allow for an unmatched branding opportunity.
4. A convenient location directly off the Newport exit on I-471 with access to the major interstates (I-71, I-75, I-275) is less than 1/4 mile in either direction.
5. The site is immediately adjacent to the Daniel Beard Bridge (I-471) which has nearly 100,000 cars per day of traffic use.
6. Immediately adjacent to Newport on the Levee and direct access to Downtown Cincinnati from the Purple People pedestrian bridge at the west end of the Pegasus site.
Newport, KY 41071
1. HIGH DEMAND MARKET
Lack of ‘workforce’ housing in the area results in consistent 100% occupancy for Lake Pioneer Apartments. New owner will be able to push rents on a consistent basis along with ability to develop additional units on vacant land.
2 . EMPLOYMENT GROWTH
The asset is located 10 minutes away from I-80 / I-90 and 2 major employers, Menards Distribution Center and Wieland Chase employing over 1,600 along with numerous additional employment hubs nearby.
3 VALUE ADD OPPORTUNITY
Lake Pioneer Apartments is an excellent opportunity to acquire a value-add asset. New ownership, due to the lack of available rental product along with investing in a few capital improvements, and minimal interior upgrade, can expect to increase rents up to $100 per month.
4. WATER VIEWS
Majority of the units are located along a large private lake or the St. Joe river offering beautiful and secluded views of nature.
Pioneer, OH 43554
1. LOCATION & VISIBILITY
PNC Center at Cascade Plaza is prominently located in the heart of the Akron CBD, which continues to witness private and municipal investment. The property’s strong walkability score and visibility within the CBD are especially attractive for redevelopment possibilities.
2 . ACCESS
The property’s location has nearly instant access to the highway system allowing for convenient access for tenants, residents, and guests.
The classic design with window lines on all four sides, providing an abundance of natural light, lends itself well to a variety of uses
4. FLOOR PLANS
The building’s generic floor plan is ideal for an adaptive reuse
5. RECENT UPGRADES
Recent significant upgrades to the HVAC, including new boilers and chillers, and upgrade to LED lighting reduces near-term capital requirement needs
6. UNIVERSITY OF AKRON
Over the past several years the divide between the university and Downtown Akron has been bridged by intentional efforts resulting in a nearly seamless transition between the two areas
7. OPPORTUNITY ZONE LOCATION
Added to the US tax code as part of the Tax Cuts and Jobs Act in December 2017, the goal of the O-Zone program is to incentivize long-term capital investment in designated areas to promote economic development and job creation, specifically through the reallocation of capital gains.
Akron, OH 44308
1. HAP & PRAC CONTRACTS
Restoration Plaza I & II consist of 89 units consisting of 79- 1BR & 10 efficiency units that are 100% Project Based Section 8 HAP contract that expires in 2032. Restoration Plaza III is a 39-1BR unit Building under an annual PRAC contract.
2 . STRONG REAC SCORES & OCCUPANCY
Restoration I & II received a REAC score of 89 in January of 2022 and Restoration III in 2019 received a REAC score of 98. Occupancy has historically been near 98% over the past years.
3 WELL MAINTAINED PROPERTY
The community was constructed between 1987-2007 consisting of 3 buildings that are 3-stories each with all brick construction and have been well maintained throughout the years and remain in great condition.
4. NEW DEBT OPPORTUNITY
Restoration I & II offer a buyer an opportunity to place new debt on the asset in order to take advantage of the favorable rate environment. Restoration III was constructed with a Capital Advance Program Loan that will be forgiven as long as housing remains a low-income senior property.
5. CONVENIENT LOCATION
Located North East of Downtown Columbus, residents have easy access to major thoroughfares including I-71. Residents have quick access to shopping, dining and medical facilities throughout the Columbus metro area.
Columbus, OH 43229
1. Three Oaks Master Development
The senior living site is located within Neyer Properties planned Three Oaks mixed-use 30-acre development. Along with Senior Living this new and exciting neighborhood will have a mix of new-urbanism single family residential homes, townhomes and 393 Class A+ apartments..
2 . Fully Entitled Delivered Site
The site is zoned for up to 200 senior units and is fully entitled with a 30% real estate tax abatement for 15 years. The master developer will begin construction on infrastructure in Spring 2022 with anticipated delivery of a pad-ready site, including new public utilities and public roadways in Fall 2022.
3. On Site Amenities
Three Oaks will have numerous on-site amenities including a public park and a multitude green spaces throughout the development along with dog parks and a ½ mile walking trail.
4. Eclectic Urban Neighborhood
The property is centrally located in the Cincinnati market and adjacent to numerous affluent communities. Oakley Station, a 74-acre retail, entertainment and office development is just minutes away and a pedestrian tunnel to provide direct access to Oakley Station is being planned. In addition to Oakley Station there are numerous unique neighborhood establishments.
5. Strong Senior Demographics
Since 2010, the senior population has increased by 9%. The population age 75 and older between 2019 & 2024 is projected to increase by over 13%. In addition, the average household income within a 5-mile radius is over $80,000 per year.
Cincinnati, OH 45209
• 226 Class A student housing apartment units (608 beds) in three of the five buildings
• 42,225 of Class A medical/clinical office space in one, 2-story office building
• 34,916 SF of retail space: 4,500 SF in a free-standing building and 30,416 on the first floor of one of the three student apartment buildings
• 13.86 total acres and 906 total parking spaces
In addition to the five buildings, the opportunity includes development rights for approximately 3.7 acres that adjoin University Station. Details included in the ground lease summary located in the appendix.
1. COMPETITIVE ADVANTAGE
University Station is the only fully amenitized, purpose-built student housing community serving Xavier students. With high-end finishes, including granite counter tops and stainless-steel appliances, in-unit laundry and separate bedrooms and bathrooms, University Station is also the only Class A student housing complex serving the student population. The asset is newly constructed with Phase I developed in 2014 and Phase II constructed in 2020. Current amenities include swimming pool, study areas, workout facility, game room and theatre room.
Student Housing is pre-leased at 70% as of January 2023 for the 2023/24 school year which is significantly above the preceding school year (54%).
3 HIGH QUALITY OFFICE TENANCY
With TriHealth, an A+ rated health system, and CTI Clinical Trial and Consulting Services, a globally recognized Contract Research Organization, the office tenancy provides secure and stable cash flow.
4. VALUE CREATION
New ownership will be able to significantly upgrade the ‘curb appeal’ of the student housing apartments by upgrading the existing facilities and adding additional amenities. There is also the opportunity to add value through the lease up of vacancy within the retail component of the asset, which is anchored by the Xavier University Bookstore and Starbucks.
5. EXCELLENT LOCATION
University Station is seamlessly integrated with Xavier University’s campus, providing students with immediate access to all the University’s educational facilities. Xavier currently has its "All for One Shop" Bookstore in one of University Station’s retail suites and Xavier recently opened its Health United Building, an on-campus health and wellness facility located across the street from University Station.
Cincinnati, OH 45212