Newport, KY (Cincinnati, OH MSA)
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Huber Equity Group, LLC
Garden Apartment Renovation
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Targeted Hold Period:
203 Apartments Units
* There is no guarantee that targeted returns will be achieved or that preferred return payments will be made.
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.
2 CoStar 3 Mile Radius Class B Analytics, February 2022