M-F Development Thrives Across Cincinnati Region

Multifamily development is on the rise in Cincinnati. Thanks to the improved employment growth, rising household incomes and strong apartment operations, many developers are building or looking to build apartments in the Cincinnati area.

Construction Trends – Cincinnati Metro Area

Multifamily development is on the rise in Cincinnati. Thanks to improved employment growth, rising household incomes and strong operations, many developers are building or looking to build apartments in the Cincinnati area.

A few weeks ago, Urban Sites, a local developer, started work on a project in Over-The-Rhine. According to Soapbox Cincinnati, the company is redeveloping two buildings, located at 1123 and 1125 Walnut St., right across the street from the Emery Theatre. When finished, the project will deliver 14 market-rate apartments and two commercial spaces.

Seth Maney, vice president of development for Urban Sites, told Soapbox Cincinnati that the target market is young professionals and people who work downtown. Each unit will have two bedrooms and about 800 square feet of space.

Another project, in Norwood, is nearing completion. The Cincinnati Business Courier reported that the One Rookwood luxury apartment development will open its doors on March 2015, and that leasing started on November 1.

Jeffrey R. Anderson Real Estate Inc. is developing the $15 million project as part of the Rookwood Exchange mixed-use development. One Rookwood will feature 127 one- and two-bedroom units, ranging in size between 555 square feet and  1,300 square feet, and with monthly rents between $910 and $2,140. Community amenities include a pool, a clubhouse and covered parking. According to the Business Courier, the complex is attracting interest from prospective residents ranging from young professionals to empty nesters.

And more apartments are on their way. The Business Courier also reported that Uptown Rental Properties L.L.C. and North American Properties plan to build a 108 unit complex on top of a two-story garage, in Corryville. It is expected to be completed in the summer of 2016.

The project, called 101 East Corry, will be located on property bordered by William Howard Taft Road, Euclid Avenue, East Corry Street and Eden Avenue. Plans also call for eight townhomes along East Corry Street.

In its second-quarter report for Greater Cincinnati, Marcus & Millichap Real Estate Investment Services Inc. projected deliveries of new apartment product will nearly triple this year to  1,200 units.  As supply outpaces demand, vacancy is expected to rise to 5.4 percent by the end of 2014, year, but rents will also increase , to $799 per month.

Charts courtesy of Marcus & Millichap.