Kensington Ridge

150-unit apartment community

Kensington Ridge
  • At closing, the property was 78% occupied and suffered extensively from deferred cosmetic and structural maintenance and inconsistent management
  • By curing deferred maintenance, methodically upgrading unit interiors, and improving management, we dramatically improved the property’s competitive position
  • During the first year of ownership, repairs and interior upgrades generated 20% rent growth  on new leases
  • Since closing, we have increased NOI by  over 125%, and the  value of the property has increased substantially.
  • Kensington Ridge is still 100% owned and cash flowing

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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.

PRIME LOCATION

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7.35% NET CAP RATE

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8% CASH ON CASH*

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PRIME LOCATION

Sixth & Race is located in the heart of downtown Cincinnati in a protected infill location.

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*Investment returns are indicative