Marcus & Millichap is pleased to exclusively offer for sale The Cincinnati Collection, a 66 property, 656- unit portfolio concentrated in the urban core of Cincinnati, OH. Nearly 90% of the portfolio is within a 15-minute drive of downtown Cincinnati. The portfolio consists of traditional market rate apartments and student housing. Assets range in size from single family homes up to a 116- unit complex. Current ownership has proven significant rental upside through renovations which the new owner can continue to implement. Common finishes found across the portfolio include granite countertops, LVP flooring, LED accent lighting, and stainless-steel appliances.
• Cincinnati Collection offers the unique opportunity of immediate scale from one transaction, since 2018 only two transactions in Cincinnati consisted of 450 units or more.
• Multiple value-add opportunities through management efficiencies and interior upgrades. The vacancy factor was intentionally created to free up units for renovations, the property currently sits at roughly 60% occupied compared to the market average of 97%. An incoming investor can continue to increase the gross potential rent through already proven out interior upgrades which have been implemented across roughly 70% of the portfolio.
• Clifton/CUF: University of Cincinnati has enrollment of nearly 50,000 students and will be joining a power 5 conference (Big 12) by July 2024
• Uptown Innovation Corridor: $1.4B of projects underway which covers 65 acres and includes 2 million square feet of mixed-use development (research, office, clinical, residential, hotel, and retail).
• UC Economics Center estimates that the economic impact of all Uptown anchor institutions and the roughly 1,100 auxiliary businesses operating in Uptown’s five core neighborhoods (Avondale, Clifton, Corryville, CUF and Mount Auburn) is nearly $20.1B
• Seven Fortune 500 companies are headquartered in Cincinnati
• Unemployment rate of 4.1% compared to the national average of 4.6% (Sept 2021)
• Multifamily occupancy has averaged 95.9% over the last 5 years
• Workforce housing assets have averaged 97.4% occupancy over the last 12 months
• In Q3 2021, effective asking rents for new leases were up 6.7% year-over-year. That annual rent increase was more than double the market’s five-year average of 3.2%
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