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
HIGHLY DESIRABLE ALL TOWNHOME LAYOUTS WITH GARAGES
100% of the units at Aurora have an attached one car garage and offer a spacious townhome layout with 1,200+ square feet of living space, providing a single family look and feel. All units have a private entrance, front and back yard, private garage, in unit washer/dryer connection, deck, and spacious basement with storage space and daylight window.
HIGH OCCUPANCY, 5.2% T-3 CAP RATE & UNDER MARKET RENTS
With current occupancy of 94%+/- and a multi-year history of high occupancy, Aurora has demonstrated incredibly high renter demand. Current rental rates trail the surrounding comparable properties by more than 20% / $260+ per month. Pricing guidance at $11M represents 5.2% Cap Rate on T-3.
ABILITY TO RAISE REVENUE IMMEDIATELY
In addition to organic rent growth, a new owner can increase rents by completing interior unit upgrades to achieve $200+ monthly premiums.
CLOSE PROXIMITY TO RETAIL & EMPLOYMENT
Residents of Aurora Townhomes enjoy easy access to abundant nearby retail, restaurants and employment. Bath and Body Works is headquartered in the city and other employers include Amazon, Lbrands, Victoria's Secret, JCPenney, Ohio Health and Mount Carmel East Hospital. Reynoldsburg is located in the Columbus MSA, one of the fastest-growing metros in the nation with unprecedented population, GDP and job growth.
360 UNIT PORTFOLIO: $99K/UNIT & 5% T-3 CAP RATE
Aurora can be purchased individually, or as part of a three property, 360-unit portfolio. The Portfolio Pricing Guidance of $35.5M represents an average price per unit of just under $99k per unit and a blended 5.0% Trailing 3 Cap Rate.
Reynoldsburg, OH 43068
The Carew Tower Complex is one of the most iconic buildings in all of the Midwest and offers an investor the opportunity to complete a truly unique redevelopment of this mixed use project
For more information please contact Don Murphy at firstname.lastname@example.org
Cincinnati, OH 45202
1. VALUE ADD OPPORTUNITY
Current owners have begun interior upgrades in select units, resulting in increases over $100 in some units. Huntley Ridge presents an opportunity for an investor to come in and finish the upgrades to all units and add property amenities in order to continue to push rents higher. Additionally, current owner did not allow pets which a new owner can permit and add substantial additional income.
2 . DIVERSE UNIT TYPES INCLUDING COVETED TOWNHOMES
With 1, 2 and 2-bedroom townhouses, Huntley Ridge offers a great mix of unit styles attracting a wide base of potential residents. 32 of units at the property are townhomes.
3 WELL LOCATED TO RETAIL, RECREATION & EMPLOYMENT
Residents of Huntley Ridge are minutes from all daily conveniences and leisure activities. The property is within a 2-mile radius to numerous retail and restaurant amenities. Huntley Ridge is also conveniently located near major employment such as 3 miles to the University of Dayton & Wright Patterson Air Force Base is a 15 minute drive.
4. STRONG MARKET FUNDEMENTALS
The Kettering submarket of Dayton has experienced substantial rent growth with rents growing 6% Year over Year. Kettering will continue to achieve high rent growth due to a lack of new multifamily development. This submarket has also seen occupancy consistently be over 95%
Dayton, OH 45416
Liberty Township, OH 45069
West Chester, OH 45069
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