Garfield Tower in CBD Goes Up for Sale
- Feb 11, 2014
A Cincinnati apartment tower located in the heart of the city’s Central Business District is now for sale. CBRE has listed the property but did not disclose a sales price.
Cincinnati’s Garfield Tower is located on a 0.37-acre site at 111 Garfield Place, within walking distance of Great American Ballpark, Paul Brown Stadium and the headquarters of some important companies, including Procter & Gamble and The Kroger Co. It was constructed in 1969 and consists of a 16-story high-rise residential tower and an attached two-story commercial building, the home of the Cincinnati Shakespeare Co. The commercial building is included in the sale.
Garfield Tower has about 102,600 square feet of residential space and about 25,000 square feet of commercial space. It offers 160 studio and one-bedroom apartments and includes such amenities as a fitness center, indoor heated rooftop pool and laundry facilities. The units have an average size of 651 square feet. They were converted to individual electric heating and cooling Island Aire systems between 2011 and 2013. According to the Garfield Tower website, rents in the building range between $780 and $920 per month.
Propertyshark.com lists the owner of Garfield Tower as Garfield Associates LLC. The property was last sold on June 19, 2003, for $5.7 million, according to the site. It sets the current market value of the tower at $3.7 million.
Marcus & Millichap said in its 2014 annual report for the Cincinnati area that urban development is reviving the local economy, boosting employment and creating new apartment demand. The commercial real estate brokerage firm expects the pool of buyers targeting apartment assets in the area to expand this year, as capital remains plentiful. It also said that larger properties of 150-plus units will remain most sought after, generating multiple bids from well-capitalized buyers.Photo credits: CBRE Charts courtesy of Marcus & Millichap.