ERLANGER, KY—Capstone Apartment Partners has arranged the $3.2 million sale of Amhurst Apartments: a 63-unit apartment community in the Cincinnati suburb of Erlanger, Kentucky. The well-maintained property is ideally situated on 4.65 acres less than 10 minutes from Interstate-75/71 and Interstate-275 and is approximately 20 minutes from downtown Cincinnati and its employment and entertainment districts.
Capstone’s Corey Mason, Nathan Murphy, Sherief Gouda, and Stash Geleszinski represented the seller, DXE Properties, and procured the local buyer, Courtyard Properties.
“Erlanger is a very desirable suburb in the greater Cincinnati MSA that is rapidly growing due to the strong investment activity in and around the Cincinnati/Northern Kentucky International Airport (CVG). The buyer secured a stable, cash-flowing asset with room to push rents organically through lease-up/renewals. Amhurst’s strong rent collections during COVID-19 helped us get this deal across the finish line despite market challenges,” said Mason, the lead broker on the sale.
Built in 1982, Amhurst Apartments is comprised of 63 apartment homes in 10 adjacent buildings located on the corner of Turkeyfoot and Richardson Roads. The community’s unit mix includes studio, one-, and two-bedroom apartment homes featuring private entrances, fully equipped kitchens, walk-in closets, washer/dryer connections, and a patio or balcony. Amhurst Apartments was approximately 98% occupied at the time of closing.