Richwood North Estates

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Richwood North Estates

Florence, KY
Under Contract
  • Property Type: Apartments
  • Property Size: 115,920 SF / 8.71 Acres / 80 Units

Overview

Capstone Apartment Partners is pleased to present Richwood North Estates: a unique 80-unit, detached duplex townhome community located in Richwood, KY (Cincinnati MSA). The property consists of forty (40) buildings, each with two (2) three-bedroom, two-bathroom townhomes featuring dedicated driveways and garages. The asset has been exceptionally maintained by the original developer and is consistently 95%+ occupied, as current ownership has focused on high occupancy rather than maximizing rents. This has left an exciting opportunity for an incoming investor to systematically raise rents to market level, further bolstering the strong in-place cash flow. Richwood North Estates is located in one of the best employment corridors in the Cincinnati MSA; therefore, providing thousands of well-paying jobs within 15 minutes of the property. Finally, the current mortgage is a HUD loan with an extremely favorable 3.50% interest rate and 35-year amortization to support robust cash flow for an incoming investor.

Investment Highlights

Extremely Well-Maintained Asset
Rents Below Direct Competition of Exact Same Style
Centrally Located in Premier Employment and Retail Corridor
Extremely Favorable HUD Financing Terms with Strong IRR

Contact Information

Sherief Gouda Senior Advisor P: 513.252.1427
O: 800.746.3175 ext. 708
sherief@capstone-companies.com
Luke Searcy Investment Sales Advisor P: 731.592.9573
O: 800.746.3175 ext. 724
luke@capstone-companies.com
Stash Geleszinski, CCIM Managing Director P: 513.417.5588
O: 800.746.3175 ext. 705
stash@capstone-companies.com
Nathan Murphy Senior Advisor P: 513.460.5941
O: 800.746.3175 ext. 707
nathan@capstone-companies.com
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