HOUSTON-CNC Investments Ltd., a local corporate real estate services firm, has become a player in the Midwest multifamily market. In its first acquisition in the area, the company is purchased a $94.5 million, nine-building Ohio/Pennsylvania apartment portfolio, as reported earlier by GlobeSt.com. CNC, which already owns and manages 40,000 units throughout the southwest, Florida and Georgia, plans to put more of its capital in the Midwest.

"They'd like to expand their portfolio," comments Debbie Corson, principal, with Apartment Realty Advisors' Dayton, OH office. Corson, who represented the seller, Denver-based Apartment Investment and Management Company (Aimco) in the transaction, tells GlobeSt.com that she's also assisting CNC in its search for more viable properties.

CNC beat out six other bidders for the portfolio, partly because of a competitive offer, and partly because of its track record. "It's not always easy to take nine properties, to deal with the financing and oversee the due diligence and make it to closing," Corson comments. "CNC has a strong track record in being able to do that."

The portfolio itself, consisting mostly of class B apartments, has an overall occupancy rate of 90% and an average age of 25 years. Corson says that the new owners will review property renovations on a case-by-case basis. "Some of the properties were newer and were in great condition, while others weren't as new, and will require renovations."

The portfolio, totaling 2,215 units, includes: College Park Apartments, 525 Third St., Carlisle, PA; Colony of Springdale, 1 Kenilworth Ct., Woodmere Apartments, 933 Roundtop and Burgundy Court Apartments, 3295 Rocker Dr., all in Cincinnati; Stoneridge Apartments, 651 Rustic Oak Dr. in Dayton, OH; Trinity Place Apartments, 1331 Trinity Place, Middletown, OH; Chimney's of Oak Creek Apartments, 1848 Chimney Lane, Kettering, OH; Hunter's Chase Apartments, 2550 Steeplechase Dr., Miamisburg, OH; and Oaks of Woodridge Apartments, 3800 Woodbridge Blvd., Fairfield, OH.