Page 1

MORRISON


CONFIDENTIALITY & DISCLAIMER The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to Marcus & Millichap. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence of absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT ANDREWS | DICKMAN FOR MORE DETAILS.


PRESENTED BY

NICK ANDREWS

First Vice President of Investments Director, National Multi Housing Group 513-878-7741 Nick.Andrews@marcusmillichap.com

JORDAN DICKMAN

First Vice President of Investments Director, National Multi Housing Group 513-878-7735 Jordan.Dickman@marcusmillichap.com

FOR MORE INFORMATION, PLEASE VISIT OUR WEBSITE AT: www.adgmultifamily.com


THE DETAILS

CALABASAS, CALIFORNIA | HQ

80+ | OFFICES

2,500 | EMPLOYEES


UNRIVALED SUCCESS IN THE MIDWEST Nick Andrews

Jordan Dickman

First Vice President Investments Director, NMHG

First Vice President Investments Director, NMHG

INVESTMENT ADVISORS

Austin Sum Investment Associate

JD Schmerge Investment Associate

Garry Schloemer Brian Johnston Tim VanWingerden Investment Associate

Investment Associate

Investment Associate

VALUATION & RESEARCH

DEBT & STRUCTURED FINANCE

Jim Leonard

Derek Maddy

Senior Managing Director of Capital Markets MMCC

Financial & Research Analyst

Chris Litzler Senior Director MMCC

Alec Neesham Associate Director MMCC

OPERATIONS & MARKETING

Brittany Campbell-Koch Director of Operations

Josh Caruana

Vice President Regional Manager Indianapolis | Cincinnati | Louisville St Louis | Kansas City

Kristin Smith

Director of Marketing

John Sebree

Sidney Bills

Office Administrator

Senior Vice President National Director National Multi Housing Group

Liz Popp

Midwest Operations Manager

Michael Glass

Senior Vice President Midwest Division Manager National Director, Manufactured Home Communities Group


TABLE OF CONTENTS

01 the ASSET 02 the COMPETITIVE SET 03 the PERSPECTIVE 04 the PLACE 05 the MARKET


the ASSET

10 property snapshot

12

unit features


property snapshot ADDRESS: YEAR BUILT: NUMBER OF UNITS: TOTAL RENTABLE AREA: NUMBER OF BUILDINGS: NUMBER OF STORIES: PARKING:

3271 & 3287 Morrison Avenue 1964 20 16,700 sf 1 2 surface lot

FOUNDATION: FRAMING: EXTERIOR: ROOF: WIRING:

concrete slab wood brick flat copper

HVAC: COOKING ENERGY: ELECTRIC SERVICE: WATER HEATING: PLUMBING:

through wall a/c, baseboard heat electric duke gas copper pvc

ELECTRIC: GAS: WATER: SEWER: TRASH:

tenant paid tenant paid owner paid owner paid owner paid


UNIT FEATURES

FEATURES 3271 Morrison Avenue

- Laundry facility - Controlled access - Eco-Friendly fixtures & lighting


MORRISON - New appliance package - New vinyl wood-style flooring - New faux marble counter-tops - New custom cabinets


the COMPETITIVE SET

18 the forum apartments & health club

20 the admiral

22 delmoor

24 maplewood


COMPETITIVE SET SUPPORTS ABILITY TO DRIVE RENTS

Property Name Delmoor (2BR Only) Middleton and Shiloh Maplewood The Forum The Admiral The Lafayette Morrison Ave (Market) 3209 Bishop Efficiency Roseanne 16

Year Built 1915 1905/1930 1930 1966/2005 1900 1930 1964 1963 1880

# Units 12 22 18 405 38 25 20 24 24

Avg SF 1400 980 1213 1017 913 865 850 600 875

Avg Rent $1,295 $1,203 $1,188 $1,073 $1,005 $888 $875 $863 $800

Avg Rent/SF $0.93 $1.23 $0.98 $1.06 $1.10 $1.03 $1.03 $1.44 $0.91


MAPLEWOOD

MORRISON

THE FORUM APARTMENTS & HEALTH CLUB

THE ADMIRAL

DELMOOR


1

THE FORUM APARTMENTS & HEALTH CLUB Unit Features • Balcony

• Fireplace

• Ceiling Fans

• Granite Countertops

• Large Closets • Oversized Windows • Tub/Shower Combo

Comparables Rent Analysis $0-$975

1 Bed | 1 Bath

717 Martin Luther King Drive W, Cincinnati, OH 45220

LOW

PROPERTY SUMMARY

HIGH $0-$1,400

2 Bed | 2 Bath UNIT MIX & RENT SCHEDULE

LOW

UNIT TYPE

RENT

SF

RENT PER SF

1x1

$795

833

$.95

2x2

$1,350

1200

$1.13

Totals/Averages

$1,072

1,017

$1.04

HIGH

Amenities • Indoor Lap Pool

• Tennis Court

• Fitness Center

• Pet Friendly

• Outdoor Pool with Sundeck • BBQ Grills • Sand Volleyball Court

18

1 S

SUBJECT COMP


19


2

THE ADMIRAL Unit Features • Vinyl Flooring

• Walk-In Closets

• Granite Countertops

• Carpet Flooring

• Tub/Shower • Storage Space • Stainless Steel Appliances

Comparables Rent Analysis $0-$975

1 Bed | 1 Bath

3433 Clifton Ave, Cincinnati, OH 45220

LOW

PROPERTY SUMMARY

HIGH $0-$1,400

2 Bed | 2 Bath

UNIT MIX & RENT SCHEDULE UNIT TYPE

RENT

SF

RENT PER SF

1x1

$785

730

$1.08

2x2

$1,225

1095

$1.12

Totals/Averages

$1,005

913

$1.01

LOW

HIGH

Amenities • Fitness Center

• Surface Parking Lot

• Maintenance on Site

• Garage Parking

• High Speed Internet Access

• Laundry Facilities

• Shuttle to Campus • Heating

20

2 S

SUBJECT COMP


21


3

DELMOOR Unit Features • Balcony • Granite Counter-tops • Wood Floors • Walk-In Closets • Kitchen

Comparables Rent Analysis 3414 Telford Street, Cincinnati, OH 45220 PROPERTY SUMMARY

LOW

HIGH COMP

UNIT MIX & RENT SCHEDULE UNIT TYPE

RENT

SF

RENT PER SF

2x1

$1,295

1400

$.93

Amenities • Pet Friendly • Laundry Facilities • Available Parking • Near Public Transportation

3 S

22

SUBJECT

$0-$1,400

2 Bed | 1 Bath


23


4

MAPLEWOOD Unit Features • Balcony • Hardwood Flooring • 10 Foot Ceilings • Original Fireplaces

Comparables Rent Analysis $0-$975

1 Bed | 1 Bath

3440 Telford, Cincinnati, Ohio 45220

LOW

PROPERTY SUMMARY

HIGH $0-$1,400

2 Bed | 1 Bath

UNIT MIX

(#BED/#BATH)

Year Built: 1930 Units: 18 Occupancy: 100%

1 Bed/1 Bath 2 Bed/1 Bath

RENT

SF

RENT/SF

$975 $1,400

925 1500

$1.05 $0.93

LOW

HIGH

Amenities • Cat Friendly

• Off Street Parking

• Laundry Facilities

• Near Public Transportation

• Controlled Access

4 S

24

SUBJECT COMP


25


the PERSPECTIVE

28 executive summary

30 financial insights

32 unit mix

34 income & expenses


E X E C U T I V E S U M M A R Y

MORRISON 3271 Morrison Avenue Cincinnati, Ohio 20 TOTAL UNITS 1964 YEAR BUILT 835 SF AVERAGE UNIT SIZE $760 AVERAGE RENT 70% OCCUPANCY $108,835 CURRENT NOI $131,594 PROFORMA NOI

STUDIO

2 Units 550 Avg SF

1 BEDROOM 8 Units 700 Avg SF

2 BEDROOM 10 Units 1,000 Avg SF


INVESTMENT HIGHLIGHTS Marcus & Millichap is pleased to present Morrison a property consisting of 20 units located in the Clifton sub-market in Cincinnati, Ohio. Located northwest of the University of Cincinnati, this property sits in a great spot with its access to the University of Cincinnati campus, downtown Cincinnati, as well as I-75 and I-71.

A CITY BUILT ON STRONG FUNDAMENTALS There are seven Fortune 500 companies in Cincinnati. Out of the Fortune 500 companies, 400 of them have a presence in the city as well. Cincinnati has three Fortune Global 500 companies. Out of the five Fortune Global 500 companies in the state of Ohio, three of them call Cincinnati home. Cincinnati’s GDP per capita grew at 1.3% higher than the national average of 1.2%. Cincinnati’s future growth over the next 10 years is expected to be 29.8%.

LIMITED SUPPLY ASSETS The University of Cincinnati has seen an 9.71% increase in student enrollment in the last 8 years as it went from an enrollment of 42,656 in 2013 to 46,798 in 2020. This equates to an average of a 1.21% increase per year. Each of those 8 years, the university has set a record for enrollment. This constantly growing student population has required more housing units. However, since 2015, there have been only 4 new properties and 621 new units added to the market.

HIGH DEMAND ASSET As student enrollment at the University of Cincinnati continues to increase, it will increase demand for student housing and bring more renters to the area surrounding the university. This increased demand for housing will allow assets like Morrison to maintain strong occupancy numbers as well as rent increases.


FINANCIAL

MORRISON

INSIGHTS

Value Add Analysis Based on Recapture of $5,100

30

Cap Rate

Value Added

5.75%

$88,696

6.00%

$85,000

6.25%

$81,600

6.50%

$78,462

6.75%

$75,556

Morrison Ave currently has $201,300 in gross scheduled rent with $206,400 in gross potential rent, resulting in a loss-to-lease of $5,100 (2.47%). Recapturing $5,100 of income results in a value increase of $81,600 at a 6.25% cap rate.


UC ENROLLMENT The University of Cincinnati recorded an 8th straight year of record student enrollment and beat projections for this year as 46,798 students enrolled for the fall semester. Additionally, of these students, only 24% live on campus which means that the other 76% seek housing near the university. This creates a strong demand for apartment living in the area surrounding campus.


THE

title here or write up here

UNIT MIX

Summary

No. of

Rentable

Total

Unit Type

Units

SF

SF

Rent/Unit

Rent/SF

Studio

2 Units

550 SF

1,100 SF

$0.00

$0.00

$0

$700.00

$1.27 SF

$1,400

One Bedroom

8 Units

700 SF

5,600 SF

$810.00

$1.16

$6,480

$850.00

$1.21 SF

Two Bedroom 10 Units 1,000 SF

10,000 SF

$875.00

$0.88

$8,750

$900.00

Totals / Wtd. Averages

16,700 SF

$761.50

$0.91 SF

$15,230

$860.00

32

20 Units

835 SF

Avg. Effective Avg. Effective Total Effective

Market

Rent Potential Rent/Unit

Market Rent/SF

Total Market

Projected Avg. Projected Total Projected

Rent Potential Rent/Unit

Rent/SF

Rent Potential

$725.00

$1.32 SF

$1,450

$6,800

$875.00

$1.25 SF

$7,000

$0.90 SF

$9,000

$925.00

$0.93 SF

$9,250

$1.03 SF

$17,200

$885.00

$1.06 SF

$17,700


Studio

No. of

Rentable

Total

Avg. Effective

Avg. Effective

Total Effective

Market

Market

Total Market

Projected

Avg. Projected

Total Projected

Unit Type

Units

SF

SF

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

Studio

2 Units

550 SF

1,100 SF

$0.00

$0.00 SF

$0

$700.00

$1.27 SF

$1,400

$725.00

$1.32 SF

$1,450

Totals / Wtd. Averages

2 Units

550 SF

1,100 SF

$0.00

$0.00 SF

$0

$700.00

$1.27 SF

$1,400

$725.00

$1.32 SF

$1,450

One Bedroom

No. of

Rentable

Total

Avg. Effective

Avg. Effective

Total Effective

Market

Market

Total Market

Projected

Avg. Projected

Total Projected

Unit Type

Units

SF

SF

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

1x1

8 Units

700 SF

5,600 SF

$810.00

$1.16 SF

$6,480

$850.00

$1.21 SF

$6,800

$875.00

$1.25 SF

$7,000

Totals / Wtd. Averages

8 Units

700 SF

5,600 SF

$810.00

$1.16 SF

$6,480

$850.00

$1.21 SF

$6,800

$875.00

$1.25 SF

$7,000

Two Bedroom

No. of

Rentable

Total

Avg. Effective

Avg. Effective

Total Effective

Market

Market

Total Market

Projected

Avg. Projected

Total Projected Rent Potential

Units

SF

SF

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

2x1

10 Units

1,000 SF

10,000 SF

$875.00

$0.88 SF

$8,750

$900.00

$0.90 SF

$9,000

$925.00

$0.93 SF

$9,250

Totals / Wtd. Averages

10 Units

1,000 SF

10,000 SF

$875.00

$0.88 SF

$8,750

$900.00

$0.90 SF

$9,000

$925.00

$0.93 SF

$9,250

Unit Type


FINANCIAL BREAKDOWN &

title here or write up here

VALUE ANALYSIS

Current (Rent Roll Income w/ Added Vacancy, Bad Debt, and Concessions, Added Utility RUB; Added Expenses) INCOME GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT

% of GPR $206,400 ($5,100)

Per Unit 10,320

2.47%

$201,300 RR

(255) 10,065

Other Income

Underwriting Notes #

Note

1

Rent Roll Date: September 2020

2

Water/Sewer and Trash RUBs: assumes $55 per unit per month for Studios and 1BR $65 per unit per month for 2BR

3

Admin Fees: assumes $25 per month for 50% of units at 85% occupancy

4

Pet Fees: assumes $25 per month for 25% of units at 85% occupancy

5

Application Fees: assumes $25 per month for 25% of units at 85% occupancy

6

Physical Vacancy: added at 15% on trailing and normalized at 5% in pro forma

7

Bad Debt: added at 1% which is the norm for this property type and market

8

Concessions Allowance: added at 1% in trailing and burns off to 0% in pro forma

9

Taxes: information from Hamilton County Auditor

10 Added expense based on market norm 11 Utilities Assumptions: Electric Vacant - assumes $20 per unit per month at given Water & Sewage - assumes $40 per unit per month for Studios and 1BR and $50 per per month for 2BR, Trash Removal - assumes $15 per unit per month 12 Replacement & Reserves: added based on market norm of $255 per unit per year

$14,400 Note 2

7.15%

720

Admin Fees

$2,700 Note 3

1.34%

135

Pet Fees

$1,350 Note 4

0.67%

68

Application Fees

$1,350 Note 5

0.67%

68

9.84%

990

Water/Sewer and Trash RUBs

Total Other Income

$19,800

GROSS POTENTIAL INCOME

$221,100

Physical Vacancy

($20,130)Note 6

10.00%

(1,007)

Bad Debt

($2,013)Note 7

1.00%

(101)

Concessions Allowance

($2,013)Note 8

1.00%

(101)

85.53%

9,847

EFFECTIVE GROSS INCOME

$196,944

11,055

EXPENSES Non-Controllable Real Estate Taxes 2019 Taxes Paid Total Real Estate Taxes Insurance

% of EGI

Per Unit

$18,912 Note 9

9.60%

946

$18,912

9.60%

946

$5,500 Note 10

2.79%

275

Utilities Electric Vacant Water & Sewage Trash Removal

$480 Note 11

0.24%

24

$10,800 Note 11

5.48%

540

$3,600 Note 11

1.83%

180

Total Utilities

$14,880

7.56%

744

Total Non-Controllable

$39,292

19.95%

1,965

$700 Note 10

0.36%

35

$2,000 Note 10

1.02%

100

$700 Note 10

0.36%

35

1.73%

170

$26,000 Note 10

13.20%

1,300

$2,500 Note 10

1.27%

125

$11,817 Note 10

6.00%

591

$5,100 Note 12

2.59%

255

Controllable Contract Services Snow Removal Landscaping/Grounds Pest Control Total Contract Services Repairs, Maintenance, & Labor

$3,400

13 Decrease from trailing due to decreased vacancy

General & Administrative

14 Increase from trailing due to increased occupancy

Replacement & Reserves Total Controllable

$48,817

24.79%

2,441

15 Gross Potential Rent: assumes a normal growth of 3% starting in year 2

TOTAL EXPENSES

$88,109

44.74%

4,405

$108,835

55.26%

5,442

Management Fee

NET OPERATING INCOME

34


Year 1

Year 2

(Rent Increase; Stabilized LTL, Occupancy, and Other Income, Concession Burn Off)

(3% Rent Increase)

% of GPR $212,400 ($4,248)

2.00%

$208,152

Per Unit

% of GPR

10,620

$218,772

(212)

($4,375)

10,408

$214,397

Per Unit 10,939

2.00%

(219) 10,720

$14,832

7.13%

742

$15,277

7.13%

764

$2,781

1.34%

139

$2,864

1.34%

143

$1,391

0.67%

70

$1,432

0.67%

72

$1,391

0.67%

70

$1,432

0.67%

72

$20,394

9.80%

1,020

$21,006

9.80%

1,050

11,427

$235,402

($10,408)

$228,546 5.00%

(520)

($10,720)

5.00%

(536)

($2,082)

1.00%

(104)

($2,144)

1.00%

(107)

$0

0.00%

0

$0

0.00%

0

$216,057

92.00%

10,803

$222,539

92.00%

11,127

11,770

% of EGI

Per Unit

% of EGI

Per Unit

$18,912

8.75%

946

$18,912

8.50%

946

$18,912

8.75%

946

$18,912

8.50%

946

$5,500

2.55%

275

$5,610

2.52%

281

$240 Note 13

0.11%

12

$245

0.11%

12

$11,016 Note 14

5.10%

551

$11,236

5.05%

562 187

$3,672

1.70%

184

$3,745

1.68%

$14,928

6.91%

746

$15,227

6.84%

761

$39,340

18.21%

1,967

$39,749

17.86%

1,987

$700

0.32%

35

$714

0.32%

36

$2,000

0.93%

100

$2,040

0.92%

102

$700

0.32%

35

$714

0.32%

36

$3,400

1.57%

170

$3,468

1.56%

173

$26,000

12.03%

1,300

$26,520

11.92%

1,326

$2,500

1.16%

125

$2,550

1.15%

128

$12,963

6.00%

648

$13,352

6.00%

668

$5,202

2.41%

260

$5,306

2.38%

265

$50,065

23.17%

2,503

$51,196

23.01%

2,560

$89,406

41.38%

4,470

$90,945

40.87%

4,547

$126,651

58.62%

6,333

$131,594

59.13%

6,580


the PLACE

38

the stats

42

where cincinnati comes to play

46

higher education | uc

48

fc cincinnati

50

healthcare in cincinnati

52

living where it all connects

54

front door to cincinnati’s expansion


CLIFTON | CINCINNATI INCREDIBLE CONNECTIVITY

the

CLIFTON STATS

15,525 UNITS MULTIFAMILY INVENTORY

$858 AVERAGE RENT

6.4% VACANCY RATE

70.5% HOUSING THAT IS RENTER-OCCUPIED

5M

306

SF OFFICE SPACE

OFFICE BUILDINGS


3.8M

755

63

SF RETAIL SPACE

TOTAL RETAIL BUILDINGS

RESTAURANTS


ruth’s chris steakhouse

moerlein lager house

condado tacos

LOCAL FAVORITES

where cincinnati comes to eat

the

DINING

Nestled along the river, Downtown Cincinnati offers something for everyone, from family-friendly restaurants to sports-friendly bars. Dining and nightlife options include Condado Tacos, Jeff Ruby’s Steakhouse, BurgerFi, Holy Grail, Jefferson Social, Jimmy John’s, Pies & Pints, Tin Roof, Ruth’s Chris Steakhouse, Yard House and more. The Banks and CBD has a total of 120 restaurants, bars, and breweries. The majority of these are within a 5-10 minute walk from wherever you are in downtown Cincinnati.

taste of belgium

jeff ruby’s

yard house

pies & pints


the littlefield

urban artifact

northside yacht club

Northside, just five miles northwest of downtown, is a popular destination for dining due to its unique offerings and walkability. Many of the eateries are cozy neighborhood spots that offer casual and fine dining, as well as everything in between. A few of the local favorites include Urban Artifact Taproom, The Littlefield, Northside Yacht Club, and The Kitchen Factory.


cincinnati bengals

DOWNTOWN | CINCINNATI where cincinnati comes to play

the

ATTRACTIONS

Downtown Cincinnati is a gathering place for people all across the region. It provides a lively atmosphere, full of attractions that promote public enjoyment and appreciation for city’s riverfront. Thriving off of the energy generated by the adjacent professional sports venues, Paul Brown Stadium to the west and Great American Ballpark to the east, downtown provides life and energy as a premier live, work, and play district. fc cincinnati

cincinnati cyclones

cincinnati reds


jack casino

Welcome to a nonstop playground - throw on that jersey, cheer on your team, grab a bike or take a stroll through the park. Whatever you do, take the time to savor and soak up Cincinnati’s top attractions! smale riverfront park

fountain square


DOWNTOWN | NORTHSIDE where cincinnati comes to shop

retail & shopping In addition to the entertainment and nightlife scene, the Cincinnati area has no shortage of retail options. Nearby Northside offers dozens of independently-owned businesses along a two-mile stretch. Downtown Cincinnati offers both boutiques and department stores. Over-the-Rhine (OTR) is a historic, walkable district of downtown with many independent shops.

elm & iron

otr

happens toy lab

homage


northside farmers market

saks fifth avenue

shake it records

findlay market

kroger on the rhine


HIGHER EDUCATION in cincinnati

UNIVERSITY OF CINCINNATI The University of Cincinnati is a powerhouse when it comes to both academics and athletics, so it’s no wonder that it’s named in the Top Tier of the country’s “Best National Universities” by U.S. News and World Report. This year’s enrollment hit a record number of 45,949 students, attracting students from all 50 states, as well as 110 different countries. UC’s economic impact is $4 billion, as it is the largest employer in


Located in Clifton, the University of Cincinnati is surrounded by a thriving city and unique neighborhoods. Home to seven Fortune 500 companies, professional sports teams, and trendy restaurants, Cincinnati offers residents the big city experience and luxuries, while still having the small town charm. The Banks, Over-the-Rhine, and Gaslight District are a few favorite neighborhoods around Clifton. Ranking in the top 50, Cincinnati was named one of the best places to live in the US by U.S. News and World Report. Year-round, students wear black and red supporting their Bearcats at Nippert Stadium, FIfth Third Arena, on campus or even just uptown, unifying UC’s diverse campus. Over 10 sports, student-athletes have won 77 conference championships and six national championships, so it comes as no surprise that many professional athletes and Olympic medalists attended this distinguished university. FIfth Third Arena recently reopened after $87 million of renovations, transforming it into one of the nation’s top on-campus facilities. A few of the atmosphere-enhancing upgrades include: new hospitality areas, premium seating and luxury suites, restrooms, concessions, and an HD scoreboard.


FC CINCINNATI The West End Stadium will serve as home to FC Cincinnati and completion of the stadium is expected in the spring of 2021. The project will cost an estimated $250 million and will seat up to 26,000 spectators. The stadium is a huge step in the revitalization of the historic West End neighborhood. The team and the FC Cincinnati Foundation invested more than $1.5 million in the Greater Cincinnati area in 2019 alone, with a focus on youth enrichment utilizing soccer and participating in MLS WORKS community initiatives. While this work extends across the region, a focus is placed on the West


Studies show the economic impact of the stadium will include:

$62M

team spending & visitor spending

2,200-2,600 jobs

$560M - $597M

$200M - $215M

economic benefits from

wages & sala-


HEALTHCARE in cincinnati

UNIVERSITY OF CINCINNATI COLLEGE OF MEDICINE The University of CIncinnati College of Medicine, located in the heart of the city just east of the university’s uptown campus, has a distinguished reputation for training prominent health care professionals and providing leading-edge research. The College of Medicine is ranked number 40 for research in the 2018 U.S. News and World Report “Best Grad Schools” rankings. The pediatrics program is ranked third best in the country in the 2018 U.S. News and World Report “Best Grad Schools” rankings.

UC HEALTH MEDICAL CENTER Continually recognized for excellence and backed by the academic strength of the University of Cincinnati, one of the nation’s top 25 public research universities, UC Health is revolutionizing how discovery-driven care is delivered. THere are 555 staffed beds at UC Health Medical Center. UC Health has provided more than $40 million in subsidized health services to the community despite financial loss. In 2017 alone, UC Health provided $152 million in health services by engaging with others to drive positive change in the community. More than 400 UC Health employees volunteer over 1,200 hours of their time into local communities.


CINCINNATI CHILDREN’S HOSPITAL MEDICAL CENTER Cincinnati Children’s Hospital Medical Center is a 692-bed pediatric hospital located in Cincinnati, Ohio. It is ranked third among all Honor Roll hospitals in the 2020-2021 U.S. News and World Report survey of best children’s hospitals. It provided $225.1 million in free or discounted services to families unable to pay and Medicaid Shortfalls. 39,033 children and families were served through community outreach and health education programs. Cincinnati Children’s served patients from all 50 states and 50 other countries. In 2021, a 600,000-square-foot clinical care expansion will open; allowing the hospital to grow existing and new programs and will include an additional 249 beds and a new emergency department.

GOOD SAMARITAN HOSPITAL As the oldest and largest private teaching and specialty health care facility in Greater Cincinnati, TriHealth’s Good Samaritan Hospital is among the best hospitals in the region, providing a range of quality services to patients in Ohio, Indiana, and Kentucky. To further meet the needs of the growing community, it recently completed an extensive modernization and expansion project that added a new 10-story patient care tower and renovated numerous existing hospital spaces. Today the hospital houses more than 700 beds and partners with 1,600 physicians.


LIVING WHERE IT ALL CONNECTS


FRONT DOOR TO CINCINNATI’S EXPANSION

7

10

3

8 6

1 2 4

9

TBD

11

5


1

Probasco Auditorium | 2839 Clifton Avenue

2

Clifton Court Hall | 2800 Clifton Avenue

$8.5 Million | Owner/Developer: University of Cincinnati | 2021

$86.5 Million | Owner/Developer: University of Cincinnati | 2022

An adaptive reuse project by UC Planning, Design + Construction that would turn the vacant Second Church of Christ Scientist building into an auditorium space seating more than 330. It would also house classroom space.

A 180,000-square-foot classroom building is planned where two modular structures currently stand at Clifton Avenue and Clifton Court Drive. It would include 24 classrooms and 230 faculty and staff offices.

3

DAAP Studio Annex | 425 Riddle Road

4

Calhoun Hall Renovation | 240 Calhoun Street

$2.5 Million | Owner/Developer: University of Cincinnati | 2020

$80 Million | Owner/Developer: University of Cincinnati | 2022

The annex will provide graduate students in fine arts, and art education in DAAP studio a working space adjacent to campus.

When completed, the project will provide 822 beds in traditional rooms style, mostly doubles, in a co-ed facility with same-gender floors, and with modern lavatory configuration for flexibility. The renovation will include a new exterior envelope all living areas, elevators, plumbing, and data sys-


5

The Eden | 2916 Eden Avenue

6

Vontz Center for Molecular Studies | 3125 Eden Avenue

$30 Million | Owner/Developer: Uptown Rental Properties | 2021

$17 Million | Owner/Developer: University of Cincinnati | 2021

A planned 207-unit apartment building that would include a mix of studios to four-bedroom apartments.

UC is planning a renovation of the building, which was designed by acclaimed architect Frank Gehry. Work will include maintenance and wall, window, and roofing upgrades to the unique building envelope.

7

CINCINNATI ZOO MASTER PLAN | 3311 Euclid Avenue

$150 Million | Owner/Developer: Cincinnati Zoo & Botanical Garden | 2025 The Cincinnati Zoo is planning a $150 million renovation that would provide space for more elephants and other animals, in part by shifting some surface parking to a new garage.

8

UC MEDICAL CENTER UPGRADES | 234 Goodman Street

$221 Million | Owner/Developer: UC Health | Proposed | Q1, 2025 UC Health plans its largest construction project ever - hundreds of millions of dollars in upgrades to the flagship facility. It would include larger and better-equipped operating rooms, renovating the emergency department, and constructing two new buildings and garages.


9

Cincinnati Childrens Critical Care Building | N/A

$650 Million | Owner/Developer: Cincinnati Children’s Hospital | 2021 Cincinnati Children’s Hospital Medical Center is building the 606,000-square-foot Critical Care Building on its campus in Avondale.

11

Short Vine Mixed-Use Projects | 2600, 2630 Short Vine St

$8 Million | Owner/Developer: Uptown Rental Properties | 2021 A mixed-use and multifamily project that will add 27 apartments and commercial space to the short vine strip.

10

Ronald McDonald House Expansion | 341 Erkenbrecher Ave

$42 Million | Owner/Developer: Ronald McDonald House Charities | 2020 Ronald McDonald House Charities of Greater Cincinnati is working on an expansion that will more than double the size of its operations to 177 suites.


the MARKET

62 cincinnati overview

68 center stage to world class employment


CINCINNATI OVERVIEW Where Southwest Ohio, Northern Kentucky, and Southwest Indiana meet, doers, dreamers, and innovators come together to make it happen. There are many growing companies, including seven Fortune 500 Companies, that already call the Cincinnati region home and provide thousands of jobs to residents. The Cincinnati area provides an attractive business environment for companies due to it’s low cost of doing business while still allowing employees to enjoy a relatively affordable place to live. Growth in service-oriented industries has also lessened the area’s dependence on the manufacturing and transportation sectors. The Cincinnati Metro is a 15-county region located within portions of Ohio, Kentucky, and Indiana that maintains a population of nearly 2.2 million. The metro is expected to add nearly 79,400 people and approximately 37,800 households through 2022. Half of the nation’s population and 30 major markets are within a one-day drive of the Cincinnati MSA, allowing it to be thought of as a central distribution point. Foodies and food trucks, brewmasters and bourbon, professional sports, tradition and transformation - it’s all happening in Cincinnati.


CINCINNATI DEMOGRAPHICS

POPULATION

2,190,000 MEDIAN AGE

34 2019 AVERAGE HOUSEHOLD INCOME

$99,991 2019 # OF HOUSEHOLDS

851,000 JOBS DOWNTOWN

65,589


HEALTHCARE Healthcare companies are some of the top employers in Cincinnati. Between Cincinnati Children’s Hospital Medical Center, TriHealth Inc., UC Health, Mercy Health, St. Elizabeth, and Christ Hospital Health Network, there are 63,376 local employees. UC Health had a durect and induced economic impact of $8.9 billion in 2018.

PROFESSIONAL SPORTS Cincinnati has three professional sports teams that are located in heart of Downtown Cincinnati. The Cincinnati Bengals (NFL) play at Paul Brown Stadium, the Cincinnati Reds (MLB) play at Great American Ball Park, and FC Cincinnati (MLS) plays at Nippert Stadium while their new stadium is under construction.

ATTRACTIVE BUSINESS ENVIRONMENT Seven Fortune 500 companies call Cincinnati home. Companies are drawn to the region’s low cost of doing business, while employees enjoy a relatively affordable place to live. A few of the major area employers include Proctor & Gamble, Kroger Co, University of Cincinnati TriHealth Inc, GE, and Fifth Third Bank.


TOURISM Cincinnati attracts many tourists each year. The Cincinnati/ Northern Kentucky International Airport (CVG) has an economic impact of $4.4 billion each year and served 9.1 million passengers in 2019.

MUSIC & ENTERTAINMENT Cincinnati was named one of Esquire Magazine’s “Top 10 Cities that Rock,” and with good reason, as the city has a lively music scene and nationally-acclaimed dining options. There are many venues throughout Cincinnati, but the most popular include Riverbend Music Center and the future Andrew J Brady ICON Music Center.

GOVERNMENT The John Weld Peck Federal Building, Potter Stewart U.S. Courthouse, and Cincinnati City Hall are all located in downtown Cincinnati.


CENTER STAGE TO WORLD CLASS EMPLOYMENT

In 2017, Amazon announced that it was investing $1.49 billion to create the retail titan’s first air cargo hub for packages. The company is clearing about 920 acres at The Cincinnati/Northern Kentucky Internationa; Airport (CVG). Judge-executive Gary Moore says that it will not only be the largest building in Boone County, it will also be the largest in this part of the country. Currently, CVG is the eighth largest cargo hub airport in the nation without the new Amazon hub. The project broke ground in May 2019 and will be completed in 2021.

2021 FACILITY OPENING

“This hub (at CVG) is going to let us get packages to customers faster. That’s a big deal. We’re going to move Prime from two-day to oneday, and this hub is a big part of that.” Jeff Bezos, Founder & CEO, Amazon 66

3M

$1.5B

2,000+

SF

INVESTMENT

JOBS CREATED


CENTER STAGE TO WORLD CLASS EMPLOYMENT THE ANDREW J BRADY ICON MUSIC CENTER Unique in design and capacity, the $27 million state-of-the-art Andrew J. Brady ICON Music Center is set to open in Fall 2020 and will be unparalleled to any other music venue in the region. It is being designed to fill Cincinnati’s need for a year-round, flexible music venue. The ICON’s maximum capacity is much larger than any other indoor venue of its kind in the area. MEMI is developing the venue to feature both an indoor and outdoor stages and seating. The indoor venue has a capacity of 4,500 and the outdoor area has a capacity of 8,000.

2020

12,500

$27M

170

VENUE OPENING

MAXIMUM CAPACITY

INVESTMENT

EVENTS HOSTED ANNUALLY

67


CENTER STAGE TO WORLD CLASS EMPLOYMENT

Jack Cincinnati Casino was purchased by Hard Rock International and VICI Properties for $745 million. The venue sits on 22-acres in Pendleton and has more than 100,000 square feet of gaming space with 1,800 gaming machines and 100 game tables. Offering more than just gaming, the property includes 33,000 square feet of meeting space, six restaurants, and two bars. The casino will continue to operate under its current branding until spring of 2020, when it will officially become Hard Rock Casino Cincinnati. With the closing of the acquisition, more than 1,000 Jack employees join Hard Rock. Known for its memorabilia and fun design, Hard Rock will add many of its signature features into the rebranding including bright-colored carpet, guitar signage, and rock memorabilia. While all of this is part of Phase One, Phase Two could potentially bring a Hard Rock Hotel to the downtown-ar-

2020

108,800

$745M

FACILITY OPENING

SF OF GAMING SPACE

PURCHASE PRICE

“We want to be a part of the rebirth of downtown Cincinnati. We’re not just about the gaming aspect, we’re about entertainment.” Jon Lucas COO of Hard Rock International 68

1,000+ EMPLOYEES


CENTER STAGE TO WORLD CLASS EMPLOYMENT LYTLE PARK HOTEL Historic Lytle Park has a newly transformed crown jewel, The Lytle Park Hotel. Staying true to its name, the hotel blurs the lines between hotel and oark, bringing outdoor elements indoors and creating a stylish oasis in the city. The Lytle Park Hotel will soon be a premier choice for meetings and events, as it boasts diversity, flexibility, and style. There are eight meeting rooms, totaling over 11,852 square feet. There is a retractable cover over the rooftop terrace, making it perfect for both indoor and outdoor events. The $35 million hotel has 106 oversized guest rooms, 18 of which are two-bedroom suites.

2020

106

$35M

HOTEL OPENING

GUEST ROOMS

11,852 SF

INVESTMENT

TOTAL MEETING SPACE


MORRISON

Profile for Jordan.Dickman

Morrison OM  

Morrison OM  

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded