88-unit apartment community
- The property was purchased off market with no competition and rental income that was 25% below the local market
- Rents were increased to market levels with almost no capex
- Refinancing proceeds returned 100% of initial capital and a significant tax-free profit.
- Charleston Square is still 100% owned and cash flowing (17.09% cash on cash return to date with all equity capital returned).*
* Unaudited. Past performance is no guarantee
Piping Rock has an exclusive contract to purchase Sixth & Race, a trophy property located in the heart of downtown Cincinnati, for $8.145 million. Piping Rock will invest a minimum of 15% of the equity required to purchase the property, and we are seeking partners to co-invest with us.
After we agreed to purchase the property, multiple major redevelopment projects were announced in the immediate vicinity of the property. Officials estimate that approximately $500 -$600 million will be invested in just two of these projects alone, both of which are immediately adjacent to Sixth & Race.
7.35% NET CAP RATE
8% CASH ON CASH*
Sixth & Race is located in the heart of downtown Cincinnati in a protected infill location.
*Investment returns are indicative