Sixth & Race

Mixed Use: 30 apartment homes & 17,900 sq. ft. of retail space

6th and race
  • Trophy CBD asset located in the heart of downtown Cincinnati, surrounded by multiple transformational redevelopment projects
  • The acquisition was completed with   pandemic-level    apartment occupancy  at 60%.    Within 60 days of closing, we increased apartment occupancy to    100%  with increased rents on all new leases
  • Unique value-add strategy is supported by strong cash flows from  from investment-grade double net lease with  Walgreens
  • Sixth & Race is still 100% owned & cash flowing

investment-summary.pdf

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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