Description
VALUE- ADD OPPORTUNITY
The TLG Beechmont Portfolio is uniquely positioned on the last frontier of the Eastern Growth Corridor. Which is the connecting piece between Downtown, Oakley, Hyde Park and the highly sought after submarket of Anderson. All three pieces of the portfolio have the capacity to undergo a strategic renovation plan to catapult it’s rents closer to some of its direct competitors in the surrounding submarkets of Mount Washington/Anderson. Not only does the portfolio give an incoming investor a Strategic Renovation Opportunity, but it also boasts an easy management opportunity as trailing controllable expenses are nearly $110k higher than that of local competitors when compared on a unit per unit basis. The TLG Beechmont Portfolio gives an incoming investor both a management play and a strategic renovation play in one of Cincinnati’s hottest and up-and-coming markets.
PROVEN RENT GROWTH
The TLG Beechmont Portfolio is situated in the center of the Eastern Growth Corridor path which has led Mount Washington/Anderson to be one of Cincinnati’s year-over-year top performers. With occupancies north of 96%, rent growth broke 12% in a year-over-year comparison beginning with January of 2021. As the last frontier on the eastern side of Cincinnati, Mount Washington/Anderson is poised to continue its run as one of the top performers in the market.
HARD TO FIND | HIGH DEMAND ASSET
Only two other assets with 100+ units have sold in this Eastern Growth Corridor of Cincinnati in the last 5 years. Barrier to entry into this market is one of the highest in the city due to its fundamental strengths and limited supply of good opportunities to own in bulk.
THE MARKET
Like many Midwest markets, Cincinnati evaded the worst effects of the pandemic relative to other areas of the country. Spurred by healthy job gains and moderate population growth, the Cincinnati apartment market continues to attract new residents, investors, and developers. Apartment demand reached 3,785 units in 2021, one of Cincinnati’s better performances in the last 30 years. This strong apartment demand boosted occupancy to its highest recorded level at 98.1% in the 4th quarter of 2021. Such strong demand allowed operators to push rental rates with an all-time high annual rental growth rate of 8.4% in 2021.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 1277 Immaculate Lane |
| City: | Cincinnati |
| State: | Ohio |
| Year Built: | 1961 |