VIENNA FOREST VILLAS
LEAD AGENTS
Austin Sum
Senior Director Investments
Cincinnati Office
D. 513.878.7747
austin.sum@marcusmillichap.com
Jordan Dickman
Managing Director Investments
Cincinnati Office
D. 513.878.7735
jordan.dickman@marcusmillichap.com
Nick Andrews
Managing Director Investments
Cincinnati Office
D. 513.878.7741
nicholas.andrews@marcusmillichap.com
A Legacy of Success, Built for the Future
$49.6B $10.9B 7,836
For more than 50 years, Marcus & Millichap has worked tirelessly to help our clients create and preserve wealth through commercial real estate investment sales as well as debt and equity advisory. Since our founding in 1971, we have grown to more than 80 offices throughout the United States and Canada, including twelve offices here in the Midwest. We also assembled the industry’s largest and most qualified team of specialists to help provide real estate solutions that match your unique investment needs. Connect with an advisor today. We have the industry’s largest, most diverse collection of exclusive commercial real estate listings. Start receiving custom property alerts today.
1,249
YOUR TEAM CORPORATE SUPPORT
Jordan Dickman
Managing Director Investments
Nick Andrews
Managing Director Investments
Austin Sum
Senior Director Investments
Austin Hall
Associate Investments
Chuck Combs
Associate Investments
Peter Standley
National Director
National Multi Housing Group
Michael Glass
Senior Vice President
Midwest Division Manager
National Director, Manufactured Home Communities Group
BROKER SUPPORT OUR LOCATION
Sam Petrosino
Valuation & Research
Brett Martin
Internal Accountant
Alex Papa
Marketing Coordinator
VIENNA FOREST VILLAS
103,000
UNIT MIX SUMMARY
local competitors
Local competitors analyzes similar properties ment compares. It looks at factors such as rental ings. By understanding local competition, investors relative to others and identify opportunities for
competitors
properties in the area to help explain how the rent for this investrental rates, amenities, and occupancy levels of nearby buildinvestors can better assess how our property’s rent stands for improvement or differentiation.
VIENNA FOREST VILLAS
rent matrix - two bedroom
VIENNA FOREST VILLAS
rent matrix - two bedroom
VIENNA FOREST VILLAS
the financials
The financial section outlines the valuation process, financial metrics. This includes an analysis of rates to determine fair market value. Additionally, and investment returns are assessed to provide
financials
process, detailing how the asset is priced based on key of income streams, operating expenses, and capitalization
Additionally, factors such as projected cash flow, debt structure, provide a comprehensive financial overview.
income & expenses
cash flow
other income breakdown
local market
The local market section analyzes the surrounding hance the value of this investment. It considers nomic growth, infrastructure developments, local market dynamics, investors can gauge tion, and overall attractiveness, helping to
surrounding area to highlight key factors that enconsiders elements such as demographic trends, ecodevelopments, and nearby amenities. By understanding the gauge the area’s demand, potential for appreciato position the property for long-term success.
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
32 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
5 mile
RENTAL RATES Y-O-Y ROLLING CHANGE VS MARKET
OCCUPANCY RATE VS MARKET
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 development
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 fast-food 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
+ $1.3B IN FUNDS
local development
ECCHO RIDGE APARTMENTS
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
Officials from the city of Middletown and Dayton-based Woodard Development attended a June 19 groundbreaking for the first phase of Renaissance Pointe. Expected to create more than $200 million in new construction, it figures to be one of the largest commercial development projects in the city’s history.Renaissance Pointe sits on roughly 50 acres at the southeast corner of Union Road and U.S. Route 122 near Interstate 75 in Middletown’s East End neighborhood.
$200M
50 ACRES
336
more info
Located on the fast growing east side of Middletown, Ohio off I-75 and OH-122 at Union Road. This location is just 25 minutes from Northern Cincinnati & 20 minutes from Dayton. This “One of a Kind” regional destination will include a unique and unmatched Multi-purpose Arena and Event Promenade. The Arena includes three linked but separate playing and performance surfaces that will allow for ice events, hockey, arena football, soccer and lacrosse. The venues will also be able to host concerts, family shows, graduations, community events, trade shows and exhibitions. The Arena will be supported by a mix of Class-A retail, food and beverage, entertainment, hospitality, office, multi-family residential and town homes. The project is estimated to generate $61 million dollars in revenue in just the first year, attracting over 425,000 visitors annually and creating 660 new full-time jobs. This regional center will offer unparalleled convenience and vitality to Middletown, Warren County and the entire Southwest Ohio Region.
214,000
32 sqft arena sqft of office space sqft of retail/restaurant space parking stalls multi-family units residential units townhomes
48,400
125,500
2,421
336
3
arena district
hospitality
An event HQ Hotel is located directly east of the Event Center and is connected by a ground level connection. A second hotel is planned at the Atrium Blvd entrance north of the Arena, which will afford access and visibility from OH-122. Combined the hotels will offer a total of 304 keyes.
retail/restaurant/entertainment
Strong retail sites are planned along the frontage of OH-122. At the northwest corner to the site, a large high-level, convenience/gas/wash pad is available. To the east of the C-Store pad and to the east & west of the Event Promenade “fast casual” restaurants are planned. Additional major retail/ restaurant use is planned on the ground/street level of the MultiFamily units.
Well crafted Class-A Multifamily and Townhome residential is planned for both the West and East of the site. Below floor-plate parking or surface parking for tenants of the Multi-Family units. The Townhomes planned include garages and further enhance the village style orientation. Major single family home expansion is planned to the south of the district by other developers.
residential office
Medical Office Building , is planned to the south of the HQ Hotel. Which can be a standalone building or attached to the Event Center. The Medical Office Building will have peak use during the day when the Event Center & hotel have the least need for adjacent parking spaces.
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified 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 or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the 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 Marketing Brochure has been obtained from sources we believe to be 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.
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Michael Glass
Michael.Glass@marcusmillichap.com
Broker of Record
500 Neil Ave., Ste. 100 Columbus, OH 43215
P: (614) 360-9800
Lie. # BRK.2007005898
