 |
| Independence Oaks Apartments, 2050 Boxer Lane Independence, KY |
INDEPENDENCE, KY – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Independence Oaks
Apartments, a six-building 144-unit apartment complex in Independence, Ky.
The $13,750,000 sales price equates to $95,486 per unit,
which is the highest price per unit recorded for a suburban Cincinnati
multifamily commercial real estate property sale so far this year.
Nicholas
Andrews, Joel Dumes and Stan Falk of Marcus & Millichap’s Cincinnati
office, represented both the buyer and the seller in the transaction.
 |
| Nicholas Andrews |
“Independence Oaks is one of the nicest apartment communities to have
been built in the Cincinnati MSA since the recession,” says Dumes.
“The
property’s excellent location and phenomenal rate of lease-up since coming
online made it a highly desirable acquisition target for a very hungry market.”
“We are
very proud of the fact that we were able to generate the highest price per unit
for a multifamily transaction recorded in suburban Cincinnati so far this year
and one of the lowest cap rates of any apartment closing outside of downtown in
recent years,” adds Andrews.
“An assignment like
this featuring a stabilized, high-quality asset in a fast-growing market is
where we are able to add a tremendous amount of value for owners.
"We really
couldn’t predict at the outset whether the best buyer would ultimately turn out
to be institutional or private, local or national but we were confident that
between our marketing process and our relationships with each of these classes
of buyers we would be able set a new benchmark for value in this market.”
 |
| Joel Dumes |
Located
at 2050 Boxer Lane in Independence, Ky. with easy access to Interstate
275, Interstate 75 and Interstate 71, the property is set between three wooded
acres and several restaurants and retailers, including a Kroger supermarket.
The Cincinnati area is home to the headquarters of 10 Fortune 500 companies,
including Procter & Gamble, Kroger, Macy’s Inc., Fifth Third Bank and the
Western and Southern Life Insurance Co.
Built in
2012 on more than 13 acres, Independence Oaks Apartments’ unit mix features 120
two-bedroom/two-bath apartments and 24 three-bedroom/two-bath units with fully
furnished kitchens, electric appliances, high-speed fiber optics, large walk-in
closets and a patio or balcony.
Common area amenities include a clubhouse with
pool, a fitness center, a basketball court and playground, a laundry room, lake
and 24-hour maintenance.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
No comments:
Post a Comment