Independence M-F Complex Commands Year’s Top Per-Unit Price in $13.8M Deal
- Dec 19, 2014
By Adrian Maties, Associate Editor
A 144-unit apartment complex in Independence, Ky., has fetched the highest per-unit price this year for a suburban Cincinnati multi-family property. Am affiliate of Seven Fields, Penn.-based A. R. Building Co. acquired Independence Oaks Apartments bought the asset for $13.75 million or about $95,486 per unit, Marcus & Millichap Real Estate Investment Services Inc. announced on Dec. 11.
The Cincinnati Business Courier reported that the seller was Fred Burns & Associates, which completed the complex in 2012.
The six-building apartment complex is located on 13 acres of land, at 2050 Boxer Lane, close to restaurants and retailers. It features a mix of 120 two-bedroom/two-bath units and 24 three-bedroom/two-bath units. According to the property’s website, rents start at $800 per month.
Nicholas Andrews, Joel Dumes and Stan Falk, all of Marcus & Millichap’s Cincinnati office, represented both buyer and seller. “Independence Oaks is one of the nicest apartment communities to have been built in the Cincinnati MSA since the recession,” Joel Dumes said in a statement. “The property’s excellent location and phenomenal rate of lease-up since coming online made it a highly desirable acquisition target for a very hungry market.”
Independence Oaks’ units feature fully furnished kitchens, electric appliances, high-speed fiber optics, large walk-in closets and a patio or balcony. Community amenities include a clubhouse with pool, a fitness center, a basketball court and playground, a laundry room, a lake and 24-hour maintenance.
“We are very proud of the fact that we were able to generate the highest price per unit for a multifamily transaction recorded in suburban Cincinnati so far this year and one of the lowest cap rates of any apartment closing outside of downtown in recent years,” Andrews added. “An assignment like this featuring a stabilized, high-quality asset in a fast-growing market is where we are able to add a tremendous amount of value for owners.”
Photo credit: www.independenceoaks.com