150-unit apartment community
- 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
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