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