Riverchase Apartments
Newport, KY (Cincinnati, OH MSA)
Download Offering Memorandum
Co-Manager
Huber Equity Group, LLC
Asset/Strategy Type
Garden Apartment Renovation
Minimum Investment
$50,000
Additional
Information *
Express Interest
Targeted Return:
Download Offering Memorandum to see return
Targeted Hold Period:
5 years
Post-Converted Units:
203 Apartments Units
* There is no guarantee that targeted returns will be achieved or that preferred return payments will be made.
Fairway America, LLC and Huber Equity Group, LLC (the Co-Managers) intend to acquire a 203-unit garden style apartment complex located less than 5 minutes from downtown Cincinnati. The Property will offer inexpensive rental rates to tenants wanting to be near the urban core of the metro area and located adjacent to a new billion-dollar mixed-use development called Ovation, which is currently under construction.1
Investment Summary
Riverchase is a 203-unit, two-story, low density, wood-framed garden style apartment community. Current occupancy is 99.0%.
The Property is located in the heart of the Cincinnati Metro Area, adjacent to the Ohio River as well as Cincinnati’s downtown professional baseball and football stadiums.
- In-Place Rents Well-Below Market: The Co-Managers believe in-place rents are nearly 20% below market rates for similar unrenovated units.2
- Surrounded by New Development: The neighboring planned Ovation mixed-use development is expected to provide desirable lifestyle amenities that the Property will benefit from, along with anticipated spillover effects from tenants with higher incomes.3
- Renovation Opportunity: Post-renovation, rental rates for similarly improved units are nearly twice as high as the rates offered today at the Property.2
- Pricing and Management: The Property is being acquired off-market from a long-term owner/operator and the asset lacks professional management on-site. The Co-Managers intend to immediately correct operational issues, as well as enact a program to bring rents to market.
The business strategy is subject to change. There are many risks to participating in this opportunity. See “Risk Factors and Fee Disclosures” in the Offering Memorandum for a discussion of some of these risks, including loss of capital, illiquidity, lack of diversification, and capital call risks. This opportunity is unsuitable for investors who are not prepared to hold their ownership position indefinitely and who cannot afford a complete loss of capital.
2 CoStar 3 Mile Radius Class B Analytics, February 2022
3 https://www.corporex.com/wp-content/uploads/2020/06/Ovation_OfficeBrochure_11-23-2021e.pdf
Property & Renovation Summary
Address
100 Riverboat Row
City / State
Newport, Kentucky
Year Built
1975
Units
203 (11 studio, 148 one-bed, 44 two-bed)
Average Unit SF
699 SF
In-Place Rent / Unrenovated Market Rent / Renovated Market Rent
$679 / $815 / $1,355 $815 / $1,257
Planned Renovation Cost/Unit
$28,424
Expected Hold Period
5 Years
Total All-In Cost
$30,577,880
