120-unit apartment community
- PRPI purchased this property in a short sale with limited competition
- We invested over $1 million in upgrades and capital improvements within the first 12 months of ownership
- Refinancing proceeds returned 100% of initial capital and a substantial tax free profit.
- Fox Pointe is still 100% owned and cash flowing (23.05% cash on cash return to date with all equity capital returned).*
* Unaudited. Past performance is no guarantee
Piping Rock has purchased Sixth & Race, a trophy property located in the heart of downtown Cincinnati, for $8.145 million.
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