Lefferson Quarters OM 24'

Austin Hall Associate

Cincinnati

D. 513.878.7712

austin.hall@marcusmillichap.com

Austin Sum Senior

Cincinnati

D. 513.878.7747

austin.sum@marcusmillichap.com

Jordan Dickman

Cincinnati

D. 513.878.7735

jordan.dickman@marcusmillichap.com

Nick

Cincinnati

D. 513.878.7741

nicholas.andrews@marcusmillichap.com

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

GLOBAL REACH, LOCAL EXPERTISE

$86.3B

VALUE OF RECENTLY CLOSED TRANSACTIONS

12,272

CLOSED SALES IN MOST RECENT YEAR

$12.8B

TOTAL VALUE OF RECENT LISTINGS

2,143

CLOSED FINANCINGS IN MOST RECENT YEARS

CINCINNATI

DAYTON

LEXINGTON LOUISVILLE

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

DATA SUMMARY

Property Address: 1900 Aaron Drive

City, State, Zip: Middletown, OH, 45044

Submarket: Butler County

County: Butler

Year Built/Reno: 1995

Number Of Units: 90

Avg Unit Size: 832

Rentable Sqft: 74,852

Number of Parcels: 1

Lot Size (Acres): 7.56

# of Buildings: 13

# of Stories: Two-Story Townhomes

Current Occupancy: 93%

Parking Type: Parking Lot

Parking Surface: Paved

HVAC: Individual AC

Water Heater: Individual water heaters

Framing: Wood

Roofs: Pitched, New as of 2022

Exterior of Building: Brick and siding

SECTION - THE INVESTMENT

TENANT

PAYS: Electric, Gas, Water, Sewer

INVESTMENT HIGHLIGHTS

INDIVIDUAL HVAC systems

WASHER/DRYER HOOKUPS

SUBMETERED WATER

LONG TERM OWNERSHIP

ALL ROOFS REPLACED SINCE 2022

ALL 2- & 3-BEDROOM UNITS

UNIT LAYOUTS

TWO BEDROOM ONE BATH TOWNHOUSE | 819 SQFT THREEBEDROOM ONE AND A

BATH

BEDROOM 2

10’ x 12.4’

KITCHEN/ DINING

8.8’ X 15.4’

BEDROOM 1

13’ x 11.5’

LIVING ROOM

15.4’ x 11’

x 12.4’

DINING

x 8.8’

HALF TOWNHOME | 896 SQFT

BEDROOM 1

x 11.8’

TWOBEDROOM ONE BATH GARDEN | 650 SQFT

MIDDLETOWN, OH

Middletown is a city located in Butler and Warren counties in the southwestern part of Ohio. The population as of the 2020 census was 50,987 and it is part of the Cincinnati metropolitan area, located 29 miles northeast of Cincinnati and 20 miles southwest of Dayton.

Formerly in Lemon, Turtlecreek, and Franklin townships, Middletown was incorporated by the Ohio General Assembly on February 11, 1833, and became a city in 1886. The city was the home of AK Steel Holding Corporation (formerly Armco), a major steel works founded in 1900. Although offices were moved to nearby West Chester Township in 2007, the AK Steel factory is still in Middletown. Middletown is also home to Hook Field Municipal Airport and a regional campus of Miami University is located in Middletown. In 1957, Middletown was designated as an All-America City. Middletown offers incoming investors a diversified economy conveniently located between Cincinnati and Dayton right off Interstate 75.

DOWNTOWN CINCINNATI

DOWNTOWN DAYTON MIDDLETOWN

MINS (26.1MI) 42 MINS (37.8MI)

EMPLOYERS IN THE NEWS

Cleveland-Cliffs Middletown Works

• $1.8 billion in upgrades that will add jobs and ensure the long term stability of its business

• $500 million in federal grants

• $1.3 billion in its own funds

• Will secure 2,500 jobs at this location

Kettering Health Middletown

• Nationally recognized for high-quality stroke care

Atrium Medical Center

• Middletown Atrium Hospital ranks among top 5 percent in nation

Cohen Recycling

• Cohen Recycling lays out plan for new Hamilton recycling facility

Middletown River Centre

• Signs Multiple businesses in $25M upgrade

Vasanth Tech

• Global engineering firms purchases 5 acres to expand operations

demographics

RENTAL RATES YR-OVER-YR ROLLING CHANGE VS CINCINNATI MARKET

QUARTERLY YR-OVER-YR ROLLING CHANGE BY UNIT TYPE

Regional employers

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. We are vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The Company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest supplier of steel to the automotive industry in North America-headquartered in Cleveland, Ohio.

• 27,000+ employees

• 46 operating facilities, including 3 sites around Middletown, Ohio (Middletown Works, Research and Innovation Center, West Chester Regional Office)

• Middletown Works is an integrated steel operation with carbon steel melting, casting, hot-and cold-rolling and finishing operations

• Innovators of specialty grades of steel

• Sustainable business model focused on the best environmental, social and governance (ESG) practices and production of clean steel

Deceuninck North America (part of the global Deceuninck Group) is a fully integrated design and PVC extrusion company that produces energy efficient PVC window and door systems. With over 500 employees, the Monroe location includes the North American headquarters, together with manufacturing, tooling and engineering functions.

• More than 1 million sq. ft. of combined production & warehouse facilities

• Over 500 employees in USA. 3,700+ worldwide

• 6 million+ windows built annually in the US by Deceuninck customers

• Innovators of specialty grades of steel

• 15 manufacturing locations worldwide, including Monroe, OH and Fernley, NV

• Winner Best Workplaces in Ohio 2019, 2020 & 2021

Atrium Medical Center has served Southwest Ohio from its Middletown campus since 1917. We are Warren County’s only Level III Trauma Center and Primary Stroke Center, providing immediate assessment and care for seriously injured or ill patients, and the only accredited Chest Pain Center in Warren County. We offer maternity, cancer, orthopedics, heart care, and much more as part of Premier Health. Leading national organizations regularly recognize Atrium’s quality care, including:

• “High Performing” in Heart Attack, Stroke, and Maternity Care (Uncomplicated Pregnancy) by U.S. News & World Report (2023)

• Two consecutive “A” safety grades by The Leapfrog Group (2023)

• Top 50 rehabilitation hospitals in the nation (2022-23) by U.S. News & World Report

• Women’s Center with comprehensive breast cancer services

• Surgical services, including minimally invasive, robotic options

• Accredited Level 3 Senior Emergency Center from the American College of Emergency Physicians - first hospital in the Cincinnati area to achieve the honor

• Family Birth Center with Level II special care nursery and Natural Beginnings - Cincinnati’s only natural birth center

regional employers

First Financial Bancorp, is a Cincinnati, Ohio based bank holding company. As of September 30, 2021, the Company had $16.0 billion in assets, $9.4 billion in loans, $12.7 billion in deposits and $2.2 billion in first financial bank shareholders’ equity. The Company’s subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $3.2 billion in assets under management as of September 30, 2021. The Company operated 139 full-service banking centers as of September 30, 2021, primarily in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis.

The Molson Coors Trenton, OH Brewery, which opened in 1991, is one of the company’s most modern breweries. Located between Cincinnati and Dayton, the brewery produces such brands as Miller Lite, Coors Light, Miller High Life.

• 1,056 acres, capacity to brew 11 million barrels of beer a year

• 494 employees; 399 technicians and 95 salaried

• Brewery locations in Milwaukee, WI; Albany, GA; Elkton, VA; Fort Worth, TX; Golden, CO

• Produced 2 million cans of water for humanitarian disasters

• Landfill free since 2009

• Healthy Worksite Award 2013-2020

• 2016 Duke Energy Power Partner

• 2017 Ohio EPA Gold Encouraging Environmental Excellence Award

• Healthy Worksite Platinum Award 2022

• Cancer Screen Excellence Award 2023

As a faith-based, nonprofit health system, Kettering Health strives to improve the lives of people in our communities through healthcare and education. Kettering Health is made up of 15 medical centers and more than 120 outpatient locations throughout western Ohio, as well as Kettering Health Medical Group- with more than 700 board-certified providers dedicated to elevating the health, healing, and hope of the community. Kettering College, a division of Kettering Health Main Campus, is a fully accredited college that specializes in health science education. Kettering Health opened its Middletown location in 2018, providing comprehensive care that is centered around the whole patient-mind, body, and spirit. Services include:

• 24/7 emergency care with MRI, CT, X-ray, ultrasound, and cardiac testing

• Behavioral health services

• Brain and spine care

• Heart and vascular care

• General surgery

• Orthopedic care

• Primary care

• Women’s health services

• Urology care

• 3D mammography with SensorySuite technology

local developments

EAST END DEVELOPMENT

The project will include a 3,000-seat, multi-purpose Event Center, Class A retail and office, hotels, restaurants and a variety of residential products, according to developer Todd Duplain from Woodard Development, a Dayton-based commercial real estate firm.

Assistant City Manager Nathan Cahall said the timeline of Renaissance Pointe calls for bids on infrastructure improvements to be awarded in mid-February 2024 with a ground-breaking ceremony set for early March. The infrastructure improvements could be complete sometime in 2025, he said.

Since then, the city has created a new tax incrementing financing (TIF) district for the site and a new community authority to raise other supplemental revenues over time in support of the project, according to city documents.

The project would attract full-service, high-end hotels, premium and fastfood restaurants, townhomes that would sell in the $325,000 to $425,000 range and a medical complex that could complement the two East End hospitals, Atrium Medical Center and Kettering Health Middletown, according to Duplain.

While the Event Center won’t open for at least two years, Martin Russell, executive director of the Warren County Port Authority, has said it’s 65% booked, according to pre-lease agreements and letters of intent.

The project could improve the quality of life for local residents and generate sales and property taxes, according to Duplain, who added the Event Center has the potential to draw 425,000 visitors a year.

• 3,000 seat event center

HIGHLIGHTS

• 8 minute drive from Lefferson

• Class A retail

• Office, restaurants

• Ground breaking March 2024

• Project to both Woodard Development and Warren County Port Authority

• Potential to draw 425,000 visitors per year

CLEVELAND CLIFFS

Cleveland-Cliffs Middletown Works, founded as Armco Steel in 1900, plans to invest more than $500 million in federal grants and $1.3 billion in its own funds over a five-year period to upgrade the Middletown plant.

This investment will secure 2,500 jobs at Middletown Works, where the unionized workforce is represented by the International Association of Machinists.

The plant will retire one blast furnace, install two electric melting furnaces and use hydrogen-based ironmaking technology. The project aims to eliminate 1 million tons of greenhouse gas emissions each year from the largest supplier of steel to the U.S. automotive industry, the company announced last week.

HIGHLIGHTS

• $1.8 billion in upgrades that will add jobs and ensure the long term stability of its business

• $500 million in federal grants

• $1.3 billion in its own funds

• Will secure 2,500 jobs at this location

INVESTMENT: $500M + $1.3B IN FUNDS

local developments

INNOVATION DRIVE APARTMENTS

$45M

An Indiana development company has sets it sights on Ohio and the Dayton region. Indianapolis-based Kendall Property Group is plotting a luxury apartment complex south of Dayton. Its first Ohio project will be a 319-unit, luxury, market-rate apartment complex located near the intersection of Union Road and Innovation Drive near Interstate 75 in east Middletown. The estimated $45 million development is called “Innovation Way Apartments.” The Innovation Way Apartments will feature a mix of one-, two- and three-bedroom units. The complex will feature a large club house, pool, workout facility, dog park, business center and river and water views. The units will feature upscale amenities such as granite counter-tops, stainless steel appliances open kitchens and private balconies/patios.

HIGHLIGHTS

• 319 units, luxury, market rate apartments

• Developed by Indiana based Kendall property group

• Will have a mix of one-, two- and three-bedroom units

• Will feature upscale finishes like granite countertops, stainless steel appliances and open kitchens.

• Will have upscale amenities like a club house, pool, workout facility, dog park and business center

CITY INFRASTRUCTURE DEVELOPMENT

The city has started a $53 million project to install a five million-gallon storage tank reservoir underground that will help reduce the amount of combined sewer overflows, said Scott Tadych, the city’s public works and utilities director.

He said the concrete storage tank will hold the water there for 24 or 48 hours, then slowly pump it back to the main interceptor sewer line that goes to the wastewater treatment plant. That will “significantly reduce” the overflows into the hydraulic canal upstream of the Great Miami River, he said.

Eventually, once the reservoir is operational, the greenspace will be converted into a city park. While the amenities haven’t been finalized, they may include an event lawn, permanent home for the Holiday Whopla’s ice and roller rink and pickleball courts. Tadych said the park will have features similar to the Central Avenue project with benches, landscaping and trees.

EST. INVESTMENT: $53M

RENT MATRIX | TWO BED

Lefferson Quarters

Garden - $808

Townhouse - $795

Maple Oaks

$1,585

Olde Towne $1,200 Liberty

Chimney Hill

RENT MATRIX | three BED

Lefferson Quarters

$960

Maple Oaks

$1,474

Olde Towne

$1,415

Liberty Manor

$1,515

Village East

$1,470

Vienna Forest

$1,600

Bavarian Woods

$1,411

Nicholas Place

$1,650

UNIT MIX BREAKDOWN

UNIT RENTS

UNIT DISTRIBUTION

LEFFERSON QUARTERSfinancials

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 OVERALL PERFORMING SUBMARKET

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.

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.

OCCUPANCY

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%.

HIGHEST OVERALL PERFORMING SUBMARKET

LOWEST OVERALL PERFORMING SUBMARKETS

UNITS UNDER CONSTRUCTION

DAYTON

THE ECONOMY

1| Prior to the pandemic, Dayton’s real gross metropolitan product grew at an average annual rate of 1.3% from 2015 to 2019. During that same five-year period, job growth averaged 1.0% annually, with roughly 3,700 jobs added on average each year. 2| In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 9.4% year-over-year in 2nd quarter. 3| In 2023, the metro’s inflation-adjusted economic output expanded 1.8%. At the same time, the metro recorded a net gain of 7,600 jobs, expanding the employment base 2.0%. 4| As such, Dayton’s unemployment rate in November 2023 declined 0.2 points year-over-year to 3.2%, below the national average of 3.5%. 5| During the past year, job gains in Dayton were most pronounced in the Professional/Business Services sector followed by Education/Health Services. 6| Despite job losses stemming from the pandemic, Dayton’s

956 units completed in past 12 months 955 units currently in progress HIGHEST OVERALL PERFORMING SUBMARKET

RENT

1| Over the past five years, annual change in effective asking rents in Dayton ranged from 2.2% to 10.3%. 2| In 4th quarter 2023, effective asking rents for new leases were up 4.1% year-over-year. That annual rent performance was below the market’s fiveyear average of 5.4%. 3| Product classes in Dayton, Class A led for rent performance over the past five years. 4| In 4th quarter 2023, annual effective rent change registered at 3.8% in Class A units, 3.4% in Class B units and 5.1% in Class C units. 5| Among submarkets, the strongest annual rent change performances over the past year were in Greene County (5.7%) and South Montgomery County (3.9%). 6| The weakest performance was in North Dayton/Miami County at 0.3%. As of 4th quarter 2023, effective asking rental rates in Dayton averaged $1,129 per month, or $1.232 per square foot.

SCAN FOR MORE

1| New apartment completions in Dayton were moderate recently, as 956 units delivered in 2023. Completions over the past year expanded the local inventory base 1.7%. 2| In the past year, supply was greatest in Central Dayton/Kettering (389 units) and North Dayton/Miami County (229 units). 3| The only other submarket to receive any new supply in 2023 was South Montgomery County, though modest at 80 units.

4| Annual new supply averaged 557 units, and annual inventory growth averaged 1.0% over the past five years. During that period, new supply was concentrated in Central Dayton/Kettering and South Montgomery County, which received 65% of the market’s total completions. 5| At the end of 2023, there were 955 units under construction with 850 of those units scheduled to complete in the next four quarters.

OCCUPANCY

1| Occupancy in the Dayton apartment market has ranged from 95.2% to 98.0% over the past years, averaging 96.6% during that period. 2| Over the past year, occupancy lost 1.0 point, with the 4th quarter 2023 rate landing at 95.2%. 3| Looking at product classes in Dayton, 4th quarter 2023 occupancy registered at 94.3% in Class A units, 95.2% in Class B units and 95.8% in Class C units. Occupancy in Class C product was generally tightest over the past five years. 4| Among submarkets, 4th quarter 2023 occupancy was strongest in Greene County (96.5%) and North Dayton/Miami County (95.7%). The weakest readings were seen in Northwest Dayton (92.3%) and South Montgomery County (94.7%). 5| Over the past five years, Greene County and North Dayton/Miami County generally led for occupancy, both averaging occupancy of 97.2%.

UNITS UNDER CONSTRUCTION

LEFFERSON QUARTERS