Richwood North Estates

Description

The Richwood North Estates are uniquely position in the market with its rents drafting garden style comps in the market. The ability to acquire a large amount of highly sought after townhome units all at once provides a hard-to-find economy of scale in the local market for the product type. Along with scale, Richwood North provides 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 Richwood and Florene, all of which outpace Royal cove by North of $500.

PROVEN RENT GROWTH
Richwood North Estates is positioned on the Northern side of the Richwood submarket which has been one of Cincinnati’s year over year top performers. Rent Growth broke 13% in a year over year comparison with May of 2022 and occupancies are north of 97%. Richwood is always one of the top tier markets when it comes to rental fundamentals and a lack of new townhome style inventory will continue to keep the asset strong.

HARD TO FIND | HIGH DEMAND ASSET
With 75% of Cincinnati’s multifamily supply 1980’s construction or older, Richwood North Estates offers an investor to own a very limited supply asset. Not only is there an opportunity to own an asset in limited supply, but there have also been no newer construction sales over 50 units in the Richwood Market 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.

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 2022, 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 2022. Such strong demand allowed operators to push rental rates with an all-time high annual rental growth rate of 8.4% in 2022.

Listing Details