Kennedy's Landing OM

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KENNEDY’S LANDING 2024 OFFERING MEMORANDUM 985 Kennedy’s Landing, Cincinnati, Ohio OM

Jordan Dickman

First Vice President Investments

Cincinnati Office

D. 513.878.7735

jordan.dickman@marcusmillichap.com

Nick Andrews

First Vice President Investments

Cincinnati Office

D. 513.878.7741

nicholas.andrews@marcusmillichap.com

Austin Sum

Senior Associate

Cincinnati Office

D. 513.878.7747

austin.sum@marcusmillichap.com

CONTENTS LEAD AGENTS
Local Competitors Financials 14 18 SECTIONS
“OUR
COMMITMENT
HELP OUR CLIENTS CREATE
PRESERVE WEALTH BY PROVIDING THEM WITH
BEST REAL ESTATE INVESTMENT SALES, FINANCING, RESEARCH AND ADVISORY SERVICES AVAILABLE.” 300 WEST 4TH STREET, CINCINNATI, OH
IS TO
AND
THE

TOTAL VALUE OF RECENT LISTINGS CLOSED SALES IN MOST RECENT YEAR CLOSED FINANCINGS IN MOST RECENT YEARS

$86.3B $12.8B 12,272 2,143 VALUE OF RECENTLY CLOSED TRANSACTIONS
CALABASAS, CALIFORNIA | HQ 2,500 | EMPLOYEES 80+ | OFFICES
CINCINNATI DAYTON LEXINGTON LOUISVILLE
GLOBAL REACH, LOCAL EXPERTISE

YOUR TEAM

JORDAN DICKMAN

FIRST VICE PRESIDENTS DIRECTOR, NMHG

NICK ANDREWS

FIRST VICE PRESIDENTS DIRECTOR, NMHG

AUSTIN SUM

SENIOR INVESTMENT ASSOCIATE

AUSTIN Hall

INVESTMENT ASSOCIATE

ALDEN SIMMS

INVESTMENT ASSOCIATE

CORPORATE SUPPORT

LIZ POPP

MIDWEST OPERATIONS MANAGER

JOSH CARUANA

VICE PRESIDENT

REGIONAL MANAGER

INDIANAPOLIS | CINCINNATI | LOUISVILLE | ST LOUIS | KANSAS CITY

JOHN SEBREE

SENIOR VICE PRESIDENT

NATIONAL DIRECTOR

NATIONAL MULTI HOUSING GROUP

MICHAEL GLASS

SENIOR VICE PRESIDENT

MIDWEST DIVISION MANAGER

NATIONAL DIRECTOR, MANUFACTURED HOME COMMUNITIES GROUP

BROKER SUPPORT

SAM PETROSino

VALUATION & RESEARCH

BRETT MARTIN

INTERNAL ACCOUNTANT

BRITTANY CAMPBELL-KOCH

DIRECTOR OF OPERATIONS

ALEX PAPA

MARKETING COORDINATOR

GEOGRAPHIC BOUNDARIES

Through the synergy of our closely-knit team, our expansive proprietary platform, and a far-reaching national network, we possess the innate ability to seamlessly facilitate the fluid movement of capital across the entire expanse of the country. What sets us apart is not just our technological prowess, but the collaborative ethos that infuses every facet of our operation.

INBOUND / OUTBOUND

$2.1B - MW. OUTBOUND

$3.8B - MW. INBOUND

At the heart of our success lies a culture of collaboration, where diverse minds converge to formulate innovative solutions. This, coupled with our cutting-edge technological infrastructure, propels us to the forefront of the industry. But what truly underpins our efficiency is a time-tested methodology that has consistently yielded remarkable results.

One of our core competencies is the art of precision in buyer-seller matching. Whether the focus is on a regional or national scale, our processes are adept at seamlessly aligning buyers with sellers in a manner that goes beyond mere transactions. This approach ensures that your success is

$9.2BB - W. OUTBOUND

$1.6B - W. INBOUND

$3.1B - S. OUTBOUND

$7.8B - S. INBOUND

$1.8B - TX/OK OUTBOUND

$6.4B - TX/OK INBOUND

$6.4B - NE. OUTBOUND

$1.4B - NE. INBOUND

$3.3B - MOUNTAIN OUTBOUND

$5.0B - MOUNTAIN INBOUND

LIMITLESS

#1 U.S. brokerage in number of transactions

13,255 Transactions

In most recent year

6.74 Transactions closed Every Business Hour

1031 EXCHANGE LEADER

Marcus & Millichap is the premier commercial real estate investment services firm in the United States. Founded in 1971 with a unique model that matches each property with the largest pool of pre-qualified investors, we leverage nearly five decades of experience and relationships to handle all your commercial real estate needs. Our team of more than 2,000 professionals in the United States and Canada focuses exclusively on real estate investment sales, financing, research and advisory services.

We Execute More Tax-Deferred Exchanges Than Any Other Firm In The United States (32% Of Total Transactions), And Our Market Share Is A Direct Benefit To Clients. Over The Years, We Have Developed The Skills And Expertise To Maximize Value And Meet Sensitive Timelines Required In A 1031 Exchange. With Billions Of Dollars Of Commercial Real Estate Exclusively Listed With Us At Any Time, Motivated Exchange Buyers Seek Out Marcus & Millichap For Quality Investment Opportunities. Through Our Industry-Leading Inventory, We Deliver The Best Of Both Worlds – We Maximize The Value Of Your Asset Through Our Unparalleled Marketing. We Then Help Identify Appropriate Upleg Options To Execute A Successful Tax Deferral Acquisition.

MOVING CAPITAL. MAXIMIZING VALUE.

PLATFORM
LEADING NATIONAL
clients represented
2016 2015 2014 2017 2018 EXPERIENCE CAREER CLOSED CAREER UNITS CLOSED 2019 2020 2021 2022 2023 2024 10 YEARS $1.65B 20k+

NOTEWORTHY DEALS

FINISH LINE UNITS 192 CLOSING PRICE $32M CITY LOUISVILLE,KY UNION HILL UNITS 100 CLOSING PRICE $7.150M CITY DAYTON,OH VIEWS OF MT. AIRY UNITS 282 CLOSING PRICE $15.150M CITY CINCINNATI, OH BURLINGTON OAKS UNITS 240 CLOSING PRICE $30.5M CITY CINCINNATI, OH BOURBON COURT UNITS 218 CLOSING PRICE $9.1M CITY LEXINGTON, KY WYNDGATE UNITS 240 CLOSING PRICE $12M CITY DAYTON, OH

RECENT TRANSACTIONS

UNITS SALE PRICE CITY, STATE Wayne Estates 96 $6,000,000.00 Dayton, OH Union Hill 100 $7,150,000.00 Dayton, OH Northside Flats 139 $9,200,000.00 Cincinnati, OH Tri West Portfolio 640 $12,800,000.00 Cincinnati, OH Springfield Portfolio 333 $14,046,000.00 Springfield, OH Cedar Ridge 176 $13,850,000.00 Park Hills, KY 1840 McCullough 139 $14,500,000.00 Lexington, KY Bourbon Court 218 $9,100,000.00 Lexington, KY Woods and Grinstead 72 $14,850,000.00 Louisville, KY Independent Oaks 144 $13,500,000.00 Independence, KY Burlington Oaks 240 $30,500,000.00 Cincinnati, OH Oldham Oaks 216 $22,896,000.00 Oldham, KY Kentucky Towers 276 $17,700,000.00 Louisville, KY Views of Mt Airy 282 $15,150,000.00 Cincinnati, OH Kingsview 176 $10,500,000.00 Cincinnati, OH Arts Apartments 248 $9,400,000.00 Cincinnati, OH REM Portfolio 771 $50,000,000.00 Cincinnati, OH Finish Line 192 $32,000,000.00 Louisville, KY Wyndgate 240 $12,000,000.00 Dayton, OH

RENT MATRIX | two BED

LakePointe Apts $1,561 Timber Glen $1,449 860 East Apts $1,625 Kennedy’s Landing $983 Arbors of Anderson $1,499 Echelon Luxury $1,635 Redwood Union $1,699
02 SECTIONLOCAL COMPETITORS
Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Redwood Union Township 2020 282 1294 $1,699 $1.31 Echelon Luxury Apartments 2018 187 1031 $1,635 $1.59 860 East Apartments and Townhomes 1988/2014 223 1086 $1,625 $1.50 LakePointe Apartments 1995 648 1020 $1,561 $1.53 Subject Pro Forma 1999-2002 112 1090 $1,550 $1.42 Arbors of Anderson 1990 438 1096 $1,499 $1.37 Timber Glen 1989 180 950 $1,449 $1.53 Subject Average Effective 1999-2002 112 1090 $983 $0.90 Market Average 2005 156 618 $857 $1.39
Two Bedroom

RENT MATRIX | three BED

4249 Otter Creek $1,745 860 East Apts $1,775 Kennedy’s Landing $1,442 Arbors of Anderson $1,899
02 SECTIONLOCAL COMPETITORS
Year Built # Units Avg SF Avg Rent Avg Rent/SF Arbors of Anderson 1990 438 1264 $1,899 $1.50 Subject Pro Forma 1999-2002 112 2150 $1,787 $0.83 860 East Apartments and Townhomes 1988/2014 223 1239 $1,775 $1.43 4249 Otter Creek Dr 2015 0 1700 $1,745 $1.03 Subject Average Effective 1999-2002 112 2150 $1,442 $0.67 Market Average 2005 156 607 $618 $1.02
Three Bedroom
Property

KENNEDY’S LANDING - financials

UNIT MIX BREAKDOWN

AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL Two Bedroom 2BR/2BA 96 Units 1,090 SF 104,640 SF $982.96 $0.90 SF $94,364 $1,090.00 $1.00 SF $104,640 $1,550.00 $1.42 SF $148,800 Totals / Wtd. Averages 96 Units 1,090 SF 104,640 SF $982.96 $0.90 SF $94,364 $1,090.00 $1.00 SF $104,640 $1,550.00 $1.42 SF $148,800 Three Bedroom Townhouses 3BR/2.5BA 12 Units 2,000 SF 24,000 SF $1,417.27 $0.71 SF $17,007 $1,620.00 $0.81 SF $19,440 $1,750.00 $0.88 SF $21,000 3BR/2.5BA 4 Units 2,600 SF 10,400 SF $1,517.50 $0.58 SF $6,070 $1,660.00 $0.64 SF $6,640 $1,900.00 $0.73 SF $7,600 Totals / Wtd. Averages 16 Units 2,150 SF 34,400 SF $1,442.33 $0.67 SF $23,077 $1,630.00 $0.76 SF $26,080 $1,787.50 $0.83 SF $28,600 Summary Two Bedroom 96 Units 1,090 SF 104,640 SF $982.96 $0.90 $94,364 $1,090.00 $1.00 SF $104,640 $1,550.00 $1.42 SF $148,800 Three Bedroom Townhouse 16 Units 2,150 SF 34,400 SF $1,442.33 $0.67 $23,077 $1,630.00 $0.76 SF $26,080 $1,787.50 $0.83 SF $28,600 Totals / Wtd. Averages 112 Units 1,241 SF 139,040 SF $1,048.58 $0.84 SF $117,441 $1,167.14 $0.94 SF $130,720 $1,583.93 $1.28 SF $177,400
UNIT DISTRIBUTION UNIT RENTS

NON-CONTROLLABLE

-
T12 RENT ROLL: DECEMBER 2023 INCOME AND EXPENSES: JANUARY 2023 - DECEMBER 2023 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $1,578,600 RR 14,095 Gain (Loss) to Lease ($153,060) 9.70% (1,367) GROSS SCHEDULED RENT $1,425,540 RR 12,728 TOTAL OTHER INCOME $140,164 9.83% 1,251 GROSS POTENTIAL $1,565,704 13,979 Physical Vacancy ($120,905) T12 Economic 8.48% (1,080) Bad Debt $0 0.00% 0 EFFECTIVE GROSS $1,444,799 81.82% 12,900
KENNEDY’S LANDING
financials
Real Estate Taxes % of EGI Per Unit 2024 Taxes $135,464 Auditor 9.38% 1,210 Total Real Estate Taxes $135,464 9.38% 1,210 Insurance $49,115 T12 3.40% 439 Utilities Electric $22,951 T12 1.59% 205 Water & Sewage $47,475 T12 3.29% 424 Trash Removal $25,089 T12 1.74% 224 Utilities $95,515 6.61% 853 Total Non-Controllable $280,094 19.39% 2,501 CONTROLLABLE Contract Services Security Expense $2,638 T12 0.18% 24 Landscaping/Grounds $99,013 T12 6.85% 884 Pest Control $4,180 T12 0.29% 37 Contract Services $105,832 7.33% 945 Repairs & Maintenance $209,464 T12 14.50% 1,870 Marketing & Promotion $12,120 T12 0.84% 108 On-Site Payroll $178,263 T12 12.34% 1,592 Payroll Taxes & Benefits $52,758 T12 3.65% 471 General & Administrative $23,536 T12 1.63% 210 Management Fee $66,000 T12 4.57% 589 Telephone & Internet $8,339 T12 0.58% 74 Replacement & Reserves $33,600 Note 1 2.33% 300 Total Controllable $689,911 47.75% 6,160 TOTAL EXPENSES $970,005 67.14% 8,661 NET OPERATING INCOME $474,793 32.86% 4,239 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year
T6 T3 YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $1,578,600 RR 14,095 $1,578,600 RR 14,095 $2,128,800 19,007 ($153,060) 9.70% (1,367) ($153,060) 9.70% (1,367) ($42,576) 2.00% (380) $1,425,540 RR 12,728 $1,425,540 RR 12,728 $2,086,224 18,627 $140,164 9.83% 1,251 $140,164 9.83% 1,251 $174,341 8.36% 1,557 $1,565,704 13,979 $1,565,704 13,979 $2,260,565 20,184 ($111,248) T6 Economic 7.80% (993) ($88,720) T3 Economic 6.22% (792) ($104,311) 5.00% (931) $0 0.00% 0 $0 0.00% 0 ($20,862) 1.00% (186) $1,454,456 82.50% 12,986 $1,476,984 84.08% 13,187 $2,135,392 92.00% 19,066 % of EGI % of EGI Per Unit % of EGI $135,464 Auditor 9.31% 1,210 $135,464 Auditor 9.17% 1,210 $135,464 9.17% 1,210 $135,464 9.31% 1,210 $135,464 9.17% 1,210 $135,464 9.17% 1,210 $49,115 T12 3.40% 439 $49,115 T12 3.40% 439 $56,000 3.79% 500 $22,951 T12 1.59% 205 $22,951 T12 1.59% 205 $23,410 1.58% 209 $47,475 T12 3.29% 424 $47,475 T12 3.29% 424 $48,425 3.28% 432 $25,089 T12 1.74% 224 $25,089 T12 1.74% 224 $25,591 1.73% 228 $95,515 6.57% 853 $95,515 6.47% 853 $97,425 6.60% 870 $280,094 19.28% 2,501 $280,094 19.04% 2,501 $288,889 19.56% 2,579 $2,800 0.18% 25 $2,800 0.18% 25 $2,800 0.13% 25 $39,200 6.85% 350 $39,200 6.85% 350 $39,200 1.84% 350 $3,920 0.29% 35 $3,920 0.29% 35 $3,920 0.18% 35 $45,920 3.16% 410 $45,920 3.11% 410 $45,920 3.11% 410 $67,200 14.50% 600 $67,200 14.50% 600 $67,200 3.15% 600 $11,200 0.84% 100 $11,200 0.84% 100 $11,200 0.52% 100 $112,000 12.34% 1,000 $112,000 12.34% 1,000 $112,000 5.24% 1,000 $16,800 3.65% 150 $16,800 3.65% 150 $16,800 0.79% 150 $16,800 1.63% 150 $16,800 1.63% 150 $16,800 0.79% 150 $65,451 4.50% 589 $66,464 4.50% 589 $96,093 4.50% 858 $8,400 0.58% 75 $8,400 0.58% 75 $8,400 0.39% 75 $33,600 Note 1 2.31% 300 $33,600 Note 1 2.27% 300 $33,600 1.57% 300 $377,371 43.50% 3,374 $378,384 43.42% 3,374 $408,013 20.07% 3,643 $657,465 45.20% 5,870 $658,479 44.58% 5,879 $696,902 47.18% 6,222 $796,991 54.80% 7,116 $818,505 55.42% 7,308 $1,438,490 97.39% 12,844 Tax Reassessment Calculator Desired Reassessment % 75% Current Taxes / Market Value Ratio 2.3876% Tax Reassessment Calculator Ratio x Proposed Price $347,637.71 New Taxes x Desired Reassessment % $260,728.28 Total Tax Adjustment $125,264.18
T12 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE APR-2025 YE APR-2026 YE APR-2027 YE MAR-2028 YE MAR-2029 GROSS POTENTIAL RENT All Units at Market Rent $1,578,600 $1,578,600 $1,578,600 $2,128,800 $2,192,664 $2,258,444 $2,326,197 $2,395,983 Gain (Loss) to Lease ($153,060) ($153,060) ($153,060) ($42,576) ($43,853) ($45,169) ($46,524) ($47,920) GROSS SCHEDULED RENT $1,425,540 $1,425,540 $1,425,540 $2,086,224 $2,148,811 $2,213,275 $2,279,673 $2,348,063 TOTAL OTHER INCOME $140,164 $140,164 $140,164 $174,341 $177,828 $181,384 $185,012 $188,712 GROSS POTENTIAL INCOME $1,565,704 $1,565,704 $1,565,704 $2,260,565 $2,326,639 $2,394,659 $2,464,685 $2,536,776 Physical Vacancy ($120,905) ($111,248) ($88,720) ($104,311) ($107,441) ($110,664) ($113,984) ($117,403) Bad Debt $0 $0 $0 ($20,862) ($21,488) ($22,133) ($22,797) ($23,481) EFFECTIVE GROSS INCOME $1,444,799 $1,454,456 $1,476,984 $2,135,392 $2,197,710 $2,261,863 $2,327,905 $2,395,892 Real Estate Taxes $135,464 $135,464 $135,464 $135,464 $138,173 $140,937 $143,756 $146,631 Insurance $49,115 $49,115 $49,115 $56,000 $57,120 $58,262 $59,428 $60,616 Utilities $95,515 $95,515 $95,515 $97,425 $99,374 $101,361 $103,388 $105,456 Contract Services $105,832 $45,920 $45,920 $45,920 $46,838 $47,775 $48,731 $49,705 Repairs & Maintenance $209,464 $67,200 $67,200 $67,200 $68,544 $69,915 $71,313 $72,739 Marketing & Promotion $12,120 $11,200 $11,200 $11,200 $11,424 $11,652 $11,886 $12,123 On-Site Payroll $178,263 $112,000 $112,000 $112,000 $114,240 $116,525 $118,855 $121,232 Payroll Taxes & Benefits $52,758 $16,800 $16,800 $16,800 $17,136 $17,479 $17,828 $18,185 General & Administrative $23,536 $16,800 $16,800 $16,800 $17,136 $17,479 $17,828 $18,185 Management Fee $66,000 $65,451 $66,464 $96,093 $98,897 $101,784 $104,756 $107,815 Replacement & Reserves $33,600 $33,600 $33,600 $33,600 $34,272 $34,957 $35,657 $36,370 TOTAL EXPENSES $970,005 $657,465 $658,479 $696,902 $711,722 $726,866 $742,339 $758,150 NET OPERATING INCOME $474,793 $796,991 $818,505 $1,438,490 $1,485,987 $1,534,997 $1,585,566 $1,637,741 INCOME EXPENSE KENNEDY’S LANDINGfinancials
Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable 983 Kennedy's Landing 413-104-A218 1999 9.80 $3,092,400 $1,082,340 68.217411 $73,834.44 Kennedy's Landing 413-104-A216 5.00 $1,501,700 $525,600 $35,855.06 Kennedys Landing 413-104-A217 4.35 $1,079,500 $377,830 $25,774.60 Total 19.15 $5,673,600 $1,985,770 $135,464.10
CASH FLOW
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 INCOME Gross Potential Rent 34.85% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 9.70% 9.70% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% EXPENSES Expenses 2.00% 2.00% 2.00% 2.00% Management Fee** 4.50% 4.50% 4.50% 4.50% 4.50% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 Physical Vacancy 7.80% 6.22% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 0.00% 0.00% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 7.80% 6.22% 6.00% 6.00% 6.00%

CINCINNATI

THE ECONOMY

1| Prior to the pandemic, Cincinnati’s real gross metropolitan product grew at an average annual rate of 2.1% from 2015 to 2019. During that same five-year period, job growth averaged 1.4% annually, with roughly 15,500 jobs added on average each year. In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 8.4% year-over-year in 2nd quarter. 2| In 2023, the metro’s inflation-adjusted economic output expanded 2.3%. 3| The metro recorded a net gain of 21,100 jobs, expanding the employment base 1.8%. 4| Cincinnati’s unemployment rate in November 2023 was unchanged year-over-year at 3.0%, below the national average of 3.5%. 5| Despite job losses stemming from the pandemic, Cincinnati’s current employment base now sits roughly 63,700 jobs or about 6% above the pre-pandemic level in February 2020.

3,263 units completed in past 12 months

5,184 units currently in progress HIGHEST

RENT

1| Over the past five years, annual change in effective asking rents in Cincinnati ranged from 2.0% to 11.9%. 2| In 4th quarter 2023, effective asking rents for new leases were up 3.6% year-over- year. That annual rent performance was below the market’s five-year average of 5.7%. 3| Cincinnati’s recent annual rent change performance ranked #10 in the Midwest region and #27 nationally. 4| Looking at product classes in Cincinnati, Class B led for rent performance over the past five years. In 4th quarter 2023, annual effective rent change registered at 2.5% in Class A units, 3.4% in Class B units and 5.8% in Class C units. 5| Among submarkets, the strongest annual rent change performances over the past year were in West Cincinnati and Southeast Cincinnati. 6| The weakest performances were in Central Cincinnati, Butler County and North Central Cincinnati. Over the past five years, rent growth was strongest in Southeast Cincinnati.

LOCAL MARKET
Q4 2023 MARKET SNAPSHOT Pre-1970s 1970s 1980s 1990s 2000+ Occupancy 93.8% 95.4% 96.2% 94.8% 94.7% Y-O-Y Rent Growth 5.2% 3.5% 3.4% 3.0% 3.5% Average Rent Per Unit $1,094 $1,148 $1,283 $1,367 $1,732
SUBMARKETS RENT OCCUPANCY YOY Dent/Harrison $1,147 97.6% 11.0% Roselawn $1,022 92.5% 8.5% Mt Washington $1,155 94.7% 8.3% Mt Healthy $1,123 96.7% 8.1% Middletown/Franklin $969 94.1% 7.3%
OVERALL PERFORMING SUBMARKET

SUPPLY

OCCUPANCY

SCAN FOR MORE

1| New apartment completions in Cincinnati were moderate recently, as 3,263 units delivered in 2023. That annual completion volume was a 24-year high. 2| With 150 units removed from existing stock over the past year, the local inventory base grew 1.9%. In the past year, supply was greatest in North Central Cincinnati. 3| Annual new supply averaged 1,754 units, and annual inventory growth averaged 1.0% over the past five years. During that period, new supply was concentrated in Central Cincinnati and Campbell/Kenton Counties, which received 42% of the market’s total completions. 4| At the end of 2023, there were 5,184 units under construction with 3,531 of those units scheduled to complete in the next four quarters. Scheduled deliveries in the coming year are expected to be concentrated in Central Cincinnati. 1| Occupancy in the Cincinnati apartment market has ranged from 94.9% to 98.2% over the past five years, averaging 96.4% during that period. 2| Over the past year, occupancy lost 1.2 points, with the 4th quarter 2023 rate landing at 94.9%. 3| Looking at product classes in Cincinnati, 4th quarter 2023 occupancy registered at 94.1% in Class A units, 94.9% in Class B units and 95.6% in Class C units. 4| Occupancy in Class C product was generally tightest over the past five years. 5| Among submarkets, 4th quarter 2023 occupancy was strongest in Southeast Cincinnati and Campbell/Kenton Counties. 6| The weakest readings were seen in Central Cincinnati and North Central Cincinnati. During the coming year, occupancy in Cincinnati is expected to register around 95%.

UNDER CONSTRUCTION SECTOR UNITS Central Cincinnati 1,747 Northeast Cincinnati/Warren County 811 Boone County/Erlanger 769 Campbell/Kenton Counties 497 Butler County 482 TOTAL FUTURE INVENTORY GROWTH SUBMARKET CHANGE Central Cincinnati 11.9% Boon County/Erlanger 7.0% Northeast Cincinnati/Warren County 4.8% Campbell/Kenton Counties 2.9% Butler County 2.4%
UNITS
SUBMARKETS RENT OCCUPANCY YOY Dent/Harrison $1,147 97.6% 11.0% Roselawn $1,022 92.5% 8.5% Mt Washington $1,155 94.7% 8.3% Mt Healthy $1,123 96.7% 8.1% Middletown/Franklin $969 94.1% 7.3%
HIGHEST OVERALL PERFORMING SUBMARKET
SUBMARKETS RENT OCCUPANCY YOY Fort Mitchell/Crescent Springs $1,162 96.1% 1.0% Fairfield $1,291 94.2% 1.0% Covington/Newport $1,608 93.9% 0.8% Clifton $1,038 90.6% -0.5% Downtown $1,786 94.6% -0.8
LOWEST OVERALL PERFORMING SUBMARKETS

KENNEDY’S LANDING

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