Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

WOODLAWN, OH-Paladin Realty Income Properties Inc., a Los Angeles-based REIT, recently became part owner of Fieldstone at Glenwood Crossing Apartments, a 266-unit complex in suburban Cincinnati. Under the terms of the joint venture agreement, Paladin now owns a 65% interest of the apartment community. The deal with Carmel, IN-based Buckingham Cos., the original owner and developer of Fieldstone, includes a preferred return for the investor, says Bill Dunbar, Paladin chief investment officer.

Dunbar says that structured transactions like the Fieldstone deal often make more sense for Paladin than traditional acquisitions given the current “frothy” market. He adds that the REIT, which does not have its own management company, likes to partner with strong local owners and operators. “We like knowing that management has an interest in how the property is run,” he says.

Built in 1999, Fieldstone was 93% occupied at the time of close, according to Dunbar. The property, which is the multifamily component of the 45-acre Glenwood Crossing mixed-use development, overlooks a 150-acre park and is adjacent to more than 80,000 sf of retail. Amenities include a restored 1800s dairy barn, which offers a full-service fitness facility, a pool, spa, billiards, business center and community center. Monthly rent for the one- to three-bedroom units ranges from $655 to $1,125.

Dunbar says that while institutional money is moving toward the coasts, Paladin likes what it sees in the markets in the middle of the country. “We would rather sell than buy on the coasts,” he says. Calls to the Buckingham Cos. were not returned at press time.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.