(To read more on the multifamily market, click here.)
MAINEVILLE, OH-Chicago-based Capri Capital Advisors LLC has sold a 312-unit apartment community at 8390 Old Orchard Rd. in this northeast suburb of Cincinnati to Dayton-based the Connor Group. Known as the Orchard of Landen, the complex sits on 33 acres near the intersection of Landen Drive and Montgomery Road.
The sale is part of a five-property multifamily portfolio consisting of 1,768 units, which is being handled by Chicago-based EnTrust Realty Advisors, LLC, an affiliate of the Alter Group.
James I. Clark III, managing principal with EnTrust, says the Connor Group, a private investment firm that owns approximately 10,000 apartments in Dayton, Cincinnati, Atlanta, Indianapolis, Columbus and Dallas, was able to complete much of the due-diligence up front. While Capri held on to the complex until the capital markets were ripe for investment, the Connor Group will most likely retain the property as a long-term asset.
"The Northeast Corridor where the Orchard of Landen is located has historically achieved the highest annual rental growth in the Greater Cincinnati metro area," Clark says. "Rental rates and occupancy levels in the Maineville apartment market are on the rise, supported in part by accelerated job growth and a lack of available land for new multifamily construction in Deerfield Township."
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