(Read more on the multifamily market.)

CINCINNATI-A 665-unit Federal HAP contract portfolio has sold for $20 million, or about $30,075 per unit. The bulk of the 33-building portfolio is located here with two buildings located in Dayton, says Derek Kinnear, investment specialist in Marcus & Millichap’s Columbus office.

The seller’s identity was not disclosed expect that it is a locally based investor. Kinnear and William Klopfer Jr., also with Marcus & Millichap, represented the seller. The buyer’s identity was not disclosed except that it is an investor from New Jersey. A cap rate was not disclosed.

The portfolio is fully leased and includes 79 studio units, 215 one-bedroom units, 174 two-bedroom units, 150 three-bedroom units, 37 four-bedroom units, seven five-bedroom units and three six-bedroom units. The units range in size from approximately 450 sf to 500 sf for studio units up to about 1,500 sf for the six-bedroom units. The rental rates range from approximately $400 to $1,100 per month, Kinnear says.

The portfolio also has a small amount of retail space, but the amount is “really negligible” with only two tenants including a barber, he says. The majority of the buildings were constructed between 1895 and 1910 with one building constructed in 1930 and four buildings constructed in 1974, Kinnear says. The buildings have been well managed and no renovations are needed at this time, he says. The New Jersey investor will use a locally based third-party management company, which was not disclosed.

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