BLUE ASH, OH-Invesco Real Estate, based in Dallas, has sold the 242-unit Charleston at Blue Ash apartment complex here for $23 million. The property, about 14 miles from Downtown Cincinnati, was purchased by the Centerville-based Connor Group.
Debbie Corson, a principal with Apartment Realty Advisors, tells GlobeSt.com that Invesco moved out of the Ohio market with this sale. "They're not looking to expand in the state," Corson says. "They had the asset for a number of years, like most institutions, on a five-to-seven year cycle, and this is just the end of their time period. It's a good time to sell."
The complex was constructed in 1992, and is 90% occupied. Amenities include a fitness center, clubhouse, fireplaces, walk-in closets, and balconies/patios. The units rent from $795 to $1,090 per month.
Corson says Blue Ash is a great apartment market, with affluent renters and more than 1.5 million sf of office, including the world headquarters of Ethicon Endo-Surgery Inc. "This is one of the highest-end areas in Cincinnati. Also, what's happening in the Ohio markets…in the past five years, it's been bad, with negative rent growth and lots of concessions. But within the past year that's started to turn, you're starting to see the concessions going away, occupancies improving and owners starting to get rent increases. It's a great time to start looking at the Midwest."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.