860 East

Description

860 East Apartments consists of 223 units. The property is situated approximately 16 miles east of Downtown Cincinnati which has a population of about 2.1 million. It is located at the intersection of I-275 and State Rte 74, offering residents easy connectivity to major area employers and good schools. The local economy is driven by manufacturing, retail, education, healthcare and logistics. The property was constructed in 1988 and is in good condition. Previous owners improved the common areas including the clubhouse, fitness center, swimming pool, outdoor kitchen, and playground. The strategy is to fully renovate 126 units not improved previously. It is expected that the renovations will yield 20% ROCE. This investment is estimated to generate average annual cash on cash yields of 9.10%.

City
Cincinnati
State
Ohio
Aquisition date
August 2018
Number of units
223
Surface area
19666 m2
Fair value
22.07 Mio USD