Capstone Apartment Partners, in conjunction with the ‘Sell with Stash’ Sperry Van Ness team out of Cincinnati, OH, recently brokered the sale of three properties located in Kentucky and Ohio, which totaled more than $42.5 million. The seller, VTT Management, Inc., had completed significant capital improvements and stabilized the occupancy at all three properties prior to selling the assets to Asia Capital Real Estate.
Derby Estates is located in Louisville, KY, and sold for $16 million, or nearly $42,000 per door. The 381-unit property was constructed in 1970, and was 92.0% occupied at the time of sale. The other two assets, Skyview Towers, and Skyview Townhomes, are located in Columbus, OH.
Skyview Towers sold for more than $14 million, or $36,000 per door. The 392-unit property, situated just outside of downtown and High Street, was built in 1965 and heavily renovated in 2011. These high-rise apartments boast several amenities, including an indoor basketball court and on-site convenience store.
Skyview Towers’ sister property, Skyview Townhomes, underwent significant renovations in 2015. Skyview Townhomes sold for more than $12 million, or $40,000 per door, and was 90.0% occupied at the time of sale. The property boasts 312 townhome-style units and a full amenity package for its residents. Additionally, there is an on-site daycare, which has been a great amenity for both the tenants and community near German Village.
Capstone Apartment Partners worked in conjunction with the SVN Team in Cincinnati to represent the seller in all three transactions. Andrew Klenk, Brian Ford, Adam Klenk represented Capstone Apartment Partners, and the Sperry Van Ness team consisted of Stasiu Geleszinski, Nathan Murphy, and Sherief Gouda.
Please contact us for more information regarding these transactions.