“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
$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
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
ETHAN SCHUL
investment Associate
SAM PETROSino
VALUATION & RESEARCH
BRETT MARTIN
INTERNAL ACCOUNTANT
LIZ POPP
MIDWEST OPERATIONS MANAGER
JOSH CARUANA
VICE PRESIDENT
REGIONAL MANAGER
INDIANAPOLIS | CINCINNATI | LOUISVILLE | ST LOUIS | KANSAS CITY
PETER STANLEY
NATIONAL DIRECTOR
NATIONAL MULTI HOUSING GROUP
MICHAEL GLASS
SENIOR VICE PRESIDENT
MIDWEST DIVISION MANAGER
NATIONAL DIRECTOR, MANUFACTURED HOME COMMUNITIES GROUP
BRITTANY CAMPBELL-KOCH DIRECTOR OF OPERATIONS
ALEX PAPA
MARKETING COORDINATOR
SECTION 1: SINGLE FAMILY | SECTIONS 2: MULTIFAMILY
DRIVE TIME
ST. JAMES APTS to 1933 HUDSON AVE
BEAVER PLACE to 5828 RIDGE
5828 RIDGE to MINOT AVE 1933 HUDSON AVE to BEAVER PLACE
MINOT AVE to BROWNWAY AVE
RIDGE
THESE HOMES ARE LOCATED IN ONE OF CINCINNATI’S MOST SOUGHT AFTER NEIGHBORHOODS.
1 2 2 1 1 1 1
What was once Norwood’s United States Playing Card Company factory has been reimagined as a brand-new lifestyle destination in Cincinnati, Ohio – where you can dine, shop, play, explore, and so much more in one of the coolest spots in town. This is Factory 52. Home doesn’t begin and end at your front door. It starts from the minute you meet Factory 52. Be one of the first to make your home in a studio, one, two, or three bedroom pet-friendly apartment in Cincinnati, Ohio – and have a city within a city all around you. Homes are leasing quickly. Don’t miss this one of kind opportunity to make your future in a part of history.
COST: $100,000,000
COST: $59,000,000
You’ll experience an exceptional living atmosphere at Graphite Oakley’s pet-friendly apartment community, featuring upscale amenities and precise details. Enjoy contemporary sophistication with spacious layouts, premium finishes, and stunning natural light-filled views that blend style, convenience, and luxury.
At Graphite Oakley, luxury living stretches beyond your apartment into the communal spaces. Whether you seek peace in the yoga studio or productivity in the luxurious resident lounge, Graphite Oakley satisfies every wish.
At Graphite Oakley apartments, refinement and convenience define the lifestyle. This dynamic community exudes a welcoming ambience, ensuring each moment holds the promise of delight. Here, luxury awaits with our state-ofthe-art fitness center and peaceful yoga studio, offering the perfect haven for relaxation and rejuvenation.
Convenience extends to education for Graphite Oakley residents, as the apartment community falls within the Cincinnati School District. Surrounding neighborhoods like Hyde Park, East Walnut Hills, Norwood, and Pleasant Ridge enrich the community, providing abundant amenities and avenues for development. We are also located near the University of Cincinnati for all the bearcat students and recent grads.
Arcadia will be home to 124 townhomes priced between $375,000 and $675,000. The townhomes will be in three-story buildings featuring brick veneer, fiber cement siding and brick detailing.
The price point was originally going to be around $500,000, but that changed after Cristo Homes spoke with Oakley’s Community Council, Anne McBride of McBride Dale Clarion said. The new pricing offers a bigger range for community members, along with unit types. Arcadia will now have townhomes ranging from one to four bedrooms and two to four bathrooms. The townhomes also will have one- or twocar garages, depending on their size.
Cristo Homes is the fourth-largest homebuilder in Greater Cincinnati, according to Business Courier research, with 2020 local revenue of nearly $30.6 million. The company built 98 homes locally in 2020.
COST: $62,000,000
COST: $19,500,000
Two developers plan two new hotels in Oakley, including one at Oakley Station and another at the demolished former Cast-Fab manufacturing site, bringing the total in the area to three.Fair Oaks Enterprises plans a 117-room, dual-branded Fairfield Inn/TownePlace Suites by Marriott at 3005 Vandercar Way near the Homewood Suites by Hilton it already has developed at Oakley Station. The 1.5-acre site currently is vacant land and a parking lot.
Meanwhile, a subsidiary of Keystone Management Group plans a 116-room Home2 Suites by Hilton at 2910 Disney Street in the 28-acre Cast-Fab subdivision.The $17.3 million Keystone project includes 73,621 square feet of commercial space and will be certified LEED Silver. The city will abate property taxes on the improvements Keystone makes to the land, with the developer making payments in lieu of taxes to the Cincinnati Public School and the city’s affordable housing trust fund. In effect, the developer will receive a 52% property tax abatement over 11 years.The city’s underwriting analysis estimates the developer will receive an “acceptable” cash-on-cash return in the project’s sixth year of 8.3%. With the abatement, the developer would get an acceptable cash-on-cash return of 7.67% in its fifth year. Without the abatement, the developer would get 5.01% in year five.In addition to Keystone’s hotel, the former Cast-Fab site will include 124 market-rate townhomes, 316 market-rate apartments and a self-storage facility. Developer Subhas Patel is a principal at Keystone, which is headquartered in Symmes Township and has developed 14 hotels, including nine in the region.
Property Address: 1933 Hudson Ave
City, State, Zip: Cincinnati, OH, 45212
Submarket: Norwood
County: Hamilton
Year Built/Reno: 1910
Property Type: Market
Current Ownership: 1933 Hudson LLC
Number Of Units: 1
Finished Sqare Footage: 2,409
Number of Parcels: 1
Lot Size (Acres): 0.173
# of Buildings: 1
Parking Type: Street/driveway
Rent Notes:
$3,500 per month leased through 8-1-25
Property Address: 3115 Minot Ave
City, State, Zip: Cincinnati, OH, 45209
Submarket: Oakley
County: Hamilton
Year Built/Reno: 1914
Property Type: Market
Current Ownership: 3115 Minot Ave LLC
Number Of Units: 1
Finished Sqare Footage: 1,784
Number of Parcels: 1
Lot Size (Acres): 0.084
# of Buildings: 1
Parking Type: Lot
Rent Notes:
Current Tenant Moved In Jan 2023
$2,480 Per Month
Leased through 4-30-25
Property Address: 3113 Minot Ave
City, State, Zip: Cincinnati, OH, 45209
Submarket: Oakley
County: Hamilton
Year Built/Reno: 1915
Property Type: Market
Current Ownership: 3113 Minot Ave LLC
Number Of Units: 1
Finished Square Footage: 1,915
Number of Parcels: 1
Lot Size (Acres): 0.085
# of Buildings: 1
Parking Type: Off Street
Rent Notes:
Current Tenant Moved In March 2020
$2,855 Per Month
Leased Through 5-31-25
Property Address: 3117 Minot Ave
City, State, Zip: Cincinnati, OH, 45209
Submarket: Oakley
County: Hamilton
Year Built/Reno: 1914
Property Type: Market
Current Ownership: 3117 Minot Ave LLC
Number Of Units: 2
Finished Square Footage: 1,276
Number of Parcels: 1
Lot Size (Acres): 0.085
# of Buildings: 1
Parking Type: Off Street And Shared Driveway With 3115 Off Street Parking Unit 1 Notes:
Moved In March 2024
$1145 Per Month
Leased Thought 3-31-25 Unit 2 Notes: Moved In March 2023 $ 1325per Month
Leased Through 3-18-25
Property Address: 4216 Brownway Ave
City, State, Zip: Cincinnati, OH, 45209
Submarket: Oakley
County: Hamilton
Year Built/Reno: 1908
Property Type: Market
Current Ownership: 4216 Brownway Ave LLC
Number Of Units: 1
Finished Square Footage: 1,884
Number of Parcels: 1
Lot Size (Acres): 0.166
# of Buildings: 1
Parking Type: Street/driveway
Rent Notes:
$2350 Per Month
Leased Through 12-2-24
Current Tenant Moved In Dec 2023
Property Address: 4214 Brownway Ave
City, State, Zip: Cincinnati, OH, 45209
Submarket: Oakley
County: Hamilton
Year Built/Reno: 1910
Property Type: Market
Current Ownership: 4214 Brownway Ave LLC
Number Of Units: 1
Finished Square Footage: 1,542
Number of Parcels: 1
Lot Size (Acres): 0.16
# of Buildings: 1
Parking Type: Street/driveway
Rent Notes:
$2695 Per Month
Leased Through 10-28--24
Current tenant moved in Oct 2020
Property Address: 4220 Brownway Ave
City, State, Zip: Cincinnati, OH, 45209
Submarket: Oakley
County: Hamilton
Year Built/Reno: 1915
Property Type: Market
Current Ownership: 4220 Brownway Ave LLC
Number Of Units: 2
Finished Square Footage: 1,632
Number of Parcels: 1
Lot Size (Acres): 0.097
# of Buildings: 1
Parking Type: Street/driveway
Unit 1 Notes: Rent: $1,245
Leased through May 2025
Current tenant moved in Jan 2023
Unit 2 Notes: Rent: $1,345
Leased through March 2025
Current Tenant Moved in April 2020
*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income
Property Name: Beaver Place Apartments Pleasant Ridge Park Apartments
Property Address: 3139 Beaver Ave 5828 Ridge Ave
City, State, Zip: Cincinnati, Ohio 45213 Cincinnati, Ohio 45213
Submarket: Pleasant Ridge Pleasant Ridge
County: Hamilton County Hamilton County
Year Built/Reno: 1941 1941 Property
Property Name: St. James of Eden Park Apts
Property Address: 2148-2154 St. James Ave
City, State, Zip: Cincinnati, OH, 45206
Submarket: Walnut Hills
County: Hamilton
Year Built/Reno: 1885
Property Type: Market
Current Ownership: SPS Partners
Current Management: SPS Partners
Number Of Units: 15
Avg Unit Size: 818
Rentable Sqft: 12,275
Number of Parcels: 1
Lot Size (Acres): 0.31
# of Buildings: 1
# of Stories: 3
Parking Type: Off Street
Electric: Tenant
Water/Sewer/Gas: Owner Paid
The project, which includes a goal of 30% of all new housing units being affordable, would tear down the property and eventually build 325 apartment units, nearly 57,000 square feet of commercial space, about 250 public parking spaces and be a total investment of about $100 million.
But having control of the 40-year land lease didn’t provide complete control of the site. The land was still owned by Winston Folkers, and any change or development that took place there would revert back to the owner at the end of the land lease.
Maly approached Folkers and Model Group was able to get an option to purchase the land at the end of 2019. Model Group purchased the 3.5-acre property in July for $2.65 million. Cincinnati Development Fund and Ohio Capital Corporation for Housing made the loan to Model Group to acquire the land.
As it is planned now, the first phase of the redevelopment would be a five-story building with about 115 residential units, about 19,400 square feet of retail space just north of the Paramount Building along Gilbert Avenue. Phase 2A would include a five-story building at the corner of East McMillan Street and Kemper Lane that includes 141 units and nearly 25,000 square feet of ground floor retail space.
COST: $100,000,000
The project is expected to result in 13 apartment units, plus commercial space, and be a total investment of $1.3 million.
Brad Lauck, principal of Lauck Properties, said he wasn’t originally planning to go the historic route when he acquired the building in 2019 for $250,000. But after getting into the building, he knew he would need to go that route to bridge the financing gap.
The remaining historic features of the building will be retained on the interior and exterior. The exterior walls, finishes, storefront and aesthetic will be restored to the original 1895 configuration, according to Lauck Properties’ application for the state tax credit.
The property was originally owned by S.C. and L.A. Ransley, a pair of businessmen who owned a chain of confectionary stores in Cincinnati. Built in 1895, the Ransley was designed by Cincinnati’s most prolific architect, Samuel Hannaford. In 1980, it was nominated to the National Register of Historic Places as a contributing building of the multiple property submission focused on Hannaford’s designs.
COST: $1,300,000
After an 18-month renovation, the Walnut Hills Branch of the Cincinnati Hamilton County Public Library is back open to visitors. The massive project cost more than $12 million and transformed one of the original Carnegie libraries into a space that can better serve the community. The library has now doubled in size to about 20,000 square feet. The addition includes seven new meeting rooms and a large community room equipped with a small kitchen. The new kids section features spaces for kids to hang out and explore books while the teen section has tables and computers for studying and homework. What was once an auditorium with a stage on the lower level of the original building, is now a meeting room for nearly 100 people.The Walnut Hills Branch is now the first Cincinnati library with a tablet kiosk that allows visitors to check out a tablet to use in the building.
COST: $12,300,000
Campus Management Ltd. and Gibraltar Development Corp. are partnering on Park Avenue Square, a development project that would bring 176 apartments to Walnut Hills. The expected total investment for the project is more than $29 million. Kim Satzger, principal with Gibraltar Development, said the apartments will be geared toward workforce housing, offering an option close to the region’s two largest employment centers, downtown and Uptown. The Park Avenue Square project will be built at the northeast corner of Park Avenue and East McMillan Street, just two blocks from Peebles Corner. At the end of 2019, Cincinnati City Council approved a 15-year community reinvestment area tax exemption agreement for 100% of the value of improvements made to the property at 2520 Park Ave. The site is the combination of five vacant parcels, which Campus Management purchased in 2005 with the intent to develop. Park Avenue Square is designed as a four-story structure over a podium that sits on more than 1.4 acres. The building would have 88 studio apartments, 68 one-bedroom apartments and 16 two-bedroom apartments. It also will include two one-bedroom townhome apartments and two two-bedroom townhome apartments. While Satzger said rental rates have not been finalized, documents from the city of Cincinnati provide a monthly rent range of $1,250 to $1,300 for one-bedroom units, $1,600 to $1,650 for two-bedroom units and the studio units would be priced less than $950. The idea for this development is that many potential residents would not qualify for affordable housing but cannot afford many market-rate apartments.
Property Name: Beaver Place Apartments
Property Address: 3139 Beaver Ave
City, State, Zip: Cincinnati, Ohio 45213
Submarket: Pleasant Ridge
County: Hamilton County
Year Built/Reno: 1941
Property Type: Market Rate
Number Of Units: 4
Avg Unit Size: 900
Rentable Sqft: 3,600
Number of Parcels: 1
Lot Size (Acres): 0.163
# of Buildings: 1
# of Stories: 2
Current Occupancy: 100%
Parking Type: Off-Street | 4 Garage Spaces
Parking Surface: Blacktop
Laundry: On Site
HVAC: Boiler Heat, Through Wall A/C
Notes: $75 a Month charge on top of rent for W/S/T
Windows: Newer
Property Name: Pleasant Ridge Park Apartments
Property Address: 5828 Ridge Ave
City, State, Zip: Cincinnati, Ohio 45213
Submarket: Pleasant Ridge
County: Hamilton County
Year Built/Reno: 1941
Property Type: Market Rate
Number Of Units: 10
Avg Unit Size: 650
Rentable Sqft: 6,500
Number of Parcels: 1
Lot Size (Acres): 0.254
# of Buildings: 1
# of Stories: 3
Parking Type: Off-Street
Parking Surface: Blacktop
Windows: Newer
HVAC: Boiler Heat, Through Wall A/C
Notes: $75 a Month charge on top of rent for W/S/T
Laundry: Jetz Laundry Contract
Property Name: St. James of Eden Park Apts
Property Address: 2148-2154 St. James Ave
City, State, Zip: Cincinnati, OH, 45206
Submarket: Walnut Hills
County: Hamilton
Year Built/Reno: 1885
Property Type: Market
Number Of Units: 15
Avg Unit Size: 818
Rentable Sqft: 12,275
Number of Parcels: 1
Lot Size (Acres): 0.31
# of Buildings: 1
# of Stories: 3
Parking Type: Surface
HVAC: Boiler Heat, Through Wall A/C *New Boilers*
Notes: $75 a Month charge on top of rent for W/S/T
Laundry: Jetz Laundry Service
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
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.
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%.
29:7 PORTFOLIO
