The Avondale 69 portfolio is located in the busiest submarket of Cincinnati in terms of public and private investment. Avondale sits directly north of the University of Cincinnati and Innovation Corridor. In just a two-mile radius of the subject properties there is a total of 34 new developments proposed or currently under way. The new developments are comprised of:
– UNIVERSITY EXPANSION: Eleven total projects proposed or in progress = $695 Million
– HEALTH CARE: Two total projects in progress, one recently completed = $1.05 Billion
– OFFICE/RETAIL MIXED USE: Four total project proposed and in progress = $814 Million
– HOSPITALITY: Two total projects proposed and in progress = $87 Million
– PUBLIC: Three total projects proposed and in progress = $205 Million
– HOUSING: Eleven total projects proposed and in progress = $661 Million
– $3.5 Billion developments in progress or proposed
With current occupancies under 20%, the incoming investor has a blank canvas to create communities tailor built to meet the rental demand in the area with an average occupancy of 96% immediately raising the value of the portfolio. The average rent per SF of Central Cincinnati is $1.96, outpacing the metro’s average of $1.37 by $0.59/SF.
LEADER IN RENTAL GROWTH
In the 3rd quarter of 2022, effective asking rents for new leases were up 11.8% YOY in Cincinnati with one of the top performing submarkets being Central Cincinnati. Over the past five years, annual absorption in Cincinnati has average 2,286 units with Central Cincinnati ranking amongst the top three submarkets in Cincinnati for absorption. In the past year ending Q3 2022, Central Cincinnati had the greatest demand equal with Campbell/Kenton Counties of all submarkets in Cincinnati.
|Address:||3547 Harvey Ave | 624 Rockdale Ave|