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Carespring, LTC Open $24M Rehab Facility In Northern Kentucky

22 Dec 2014, 4:12 pm

By Adrian Maties, Associate Editor

The Northern Kentucky city of Cold Spring is home to a new transitional care rehabilitation and nursing facility. Carespring Health Care Management developed the $23.5 million state-of-the art complex in partnership with LTC Properties Inc.

Work on the Coldspring Transitional Care Center started in February 2013. Carespring has been planning to construct the new facility since 2008, but the project was delayed by the recession.

Located at 300 Plaza Drive, the 143-bed Coldspring Transitional Care Center specializes in short-term rehabilitation and long-term nursing care and will serve Greater Cincinnati. The 94,500-square-foot facility includes both private rooms and shared suites.

In a statement, LTC said the property is leased to affiliates of Carespring Health Care Management under an existing master lease. The new facility will be home to 200 full-time employees.

Following a soft opening last month, Coldspring’s grand opening was scheduled for Dec. 22. According to the center’s Facebook page, Kentucky Gov. Steve Beshear will attend the ceremony.

“We are thrilled to announce the completion of construction and opening by Carespring of a new, state-of-the-art transitional care and nursing facility,” Wendy Simpson, LTC’s chairman & CEO, said in a statement. “With a focus on rehabilitation care, this new property will be one of the premier health care facilities serving the Cincinnati metro area. Carespring has a long history dedicated to innovating and transforming health care delivery in a post-acute environment. We look forward to breaking ground on additional new projects with this strategic partner.”

Photo credit: Coldspring Transitional Care Center – Facebook.

Archer Daniels Midland Plans 2015 Opening for IT Center in Northern Ky.

22 Dec 2014, 3:52 pm

By Adrian Maties, Associate Editor

Archer Daniels Midland Co. plans to open an information technology center in Erlanger, Ky., during the second half of 2015, the Chicago-based agricultural processing company announced on Dec. 11. The facility will be located in an unoccupied building on the campus of WILD Flavors GmbH, which was recently acquired by ADM.

About 200 jobs are expected to be created, including positions for project managers, business analysts and solution integrators. In order to attract ADM, the Kentucky Economic Development Finance Authority gave preliminary approval for up to $5 million in tax incentives through the Kentucky Business Investment program. ADM will also receive tax benefits of up to $200,000 through the Kentucky Enterprise Initiative Act.

“I am delighted to celebrate ADM’s location of a new IT center in Erlanger,” said Kentucky Gov. Steve Beshear. “This investment not only creates 200 high-paying jobs for the citizens of northern Kentucky, but it also demonstrates the company’s confidence in Kentucky’s quality workforce and business climate. I look forward to working with ADM as they continue to grow their presence in the commonwealth.”

Marty Schoenthaler, ADM’s chief information officer, cited several major advantages offered by the locating the facility in Erlanger. “One of the ways in which ADM is making ongoing progress in enhancing returns is through careful consideration of costs throughout the business. In this case, we are controlling costs by using available space in a building we already own, and also benefiting from tax incentives offered by the commonwealth,” Schoenthaler said.

“We will also be able to recruit from a strong local talent pool in northern Kentucky, and we will have quick and easy access to a major airport. This is a great example of the many synergies that we’re realizing following the WILD acquisition,” he added.


Independence M-F Complex Commands Year’s Top Per-Unit Price in $13.8M Deal

19 Dec 2014, 8:42 pm

By Adrian Maties, Associate Editor

A 144-unit apartment complex in Independence, Ky., has fetched the highest per-unit price this year for a suburban Cincinnati multi-family property. Am affiliate of Seven Fields, Penn.-based A. R. Building Co. acquired Independence Oaks Apartments bought the asset for $13.75 million or about $95,486 per unit, Marcus & Millichap Real Estate Investment Services Inc. announced on Dec. 11.

The Cincinnati Business Courier reported that the seller was Fred Burns & Associates, which completed the complex in 2012.

The six-building apartment complex is located on 13 acres of land, at 2050 Boxer Lane, close to restaurants and retailers. It features a mix of 120 two-bedroom/two-bath units and 24 three-bedroom/two-bath units. According to the property’s website, rents start at $800 per month.

Nicholas Andrews, Joel Dumes and Stan Falk, all of Marcus & Millichap’s Cincinnati office, represented both buyer and seller. “Independence Oaks is one of the nicest apartment communities to have been built in the Cincinnati MSA since the recession,” Joel Dumes said in a statement. “The property’s excellent location and phenomenal rate of lease-up since coming online made it a highly desirable acquisition target for a very hungry market.”

Independence Oaks’ units feature fully furnished kitchens, electric appliances, high-speed fiber optics, large walk-in closets and a patio or balcony. Community amenities include a clubhouse with pool, a fitness center, a basketball court and playground, a laundry room, a lake and 24-hour maintenance.

“We are very proud of the fact that we were able to generate the highest price per unit for a multifamily transaction recorded in suburban Cincinnati so far this year and one of the lowest cap rates of any apartment closing outside of downtown in recent years,” Andrews added.  “An assignment like this featuring a stabilized, high-quality asset in a fast-growing market is where we are able to add a tremendous amount of value for owners.”

Photo credit: www.independenceoaks.com

M-F Developers Advance Plans for Nearly 500 Units

17 Dec 2014, 11:17 pm

By Adrian Maties, Associate Editor

Apartment demand in Greater Cincinnati is on the rise, thanks to the Streetcar project and to the Fortune 500 companies that continue to expand in the area, according to a recently released fourth-quarter report from Marcus & Millichap Real Estate Investment Services Inc. To address this demand, residential developers have started or plan to start work on numerous projects in the region. There were 1,200 apartment units completed in the first three quarters of 2014, and that number is expected to grow by 450 by the end of the year.

Two new projects took major strides this month. Together, they will bring almost 500 units to the Greater Cincinnati area.

The Cincinnati Enquirer recently reported that the Kings Island Resort and Conference Center could be demolished in a few months to make way for the Towne at Deerfield, a $35 million project. Mount Adams-based Towne Properties and Oxford-based Hotel Development Services plan to build almost 300 units on the 21-acre site.

Designed by PDT Architects, the complex will include a mix of one-, two- and three-bedroom units, with parking, a pool, clubhouse and other amenities.

The developers are working on the project together with Deerfield Township and Warren County officials. The preliminary development plan is expected to go before the authorities later this month.

Meanwhile, Gilbane Development Co. plans to build a mixed-use development and a parking garage near the University of Cincinnati on the former site of Lenhardt’s Restaurant and Christy’s Bar. According to the Cincinnati Business Courier, the Cincinnati City Council recently approved the necessary rezoning so the developer can start work on the project.

Gilbane’s plans call for 180 apartments in a six-story apartment building, seven three-story townhomes, a 380-space underground parking garage and between 7,500 and 9,000 square feet of retail space. Gilbane told the Business Courier that it will market the units to students and to members of the community.

Charts courtesy of Marcus & Millichap.

Gaslight Buys 150-Unit M-F Complex in Clifton

17 Dec 2014, 10:18 pm

By Adrian Maties, Associate Editor

Gaslight Property has acquired a 151-unit apartment complex in Cincinnati’s Clifton neighborhood. The local investment and property management company bought The Overlook at Clifton from PBE Cos. L.L.C. of Providence, R.I.

According to the Cincinnati Business Courier, Gaslight paid more than $2.95 million for the property, which is located at 700-714 Riddle Road, near the University of Cincinnati. Amenities include balconies, hardwood floors, a laundry room, a swimming pool and 112 parking spaces. At the time of the sale, The Overlook at Clifton was 94 percent occupied.

Dave Taylor, who heads the family-owned company, told the Business Courier that he plans to upgrade the property and increase its value. He also said that Gaslight intends to sell some holdings in other areas of Cincinnati and focus more on the Clifton market.

PBE Cos. was represented by Don Murphy, a senior vice president with Cassidy Turley, and Kurt Shoemaker, an associate vice president with the firm.

“We were pleased to assist PBE Companies with this transaction,” Murphy said in a statement. “Gaslight (Property) plans to focus its growth in the Clifton area, so it was a perfect fit for both parties.”

According to the fourth-quarter apartment market report from Marcus & Millichap Real Estate Investment Services Inc., the pace of multi-family sales in Greater Cincinnati is accelerating as high returns and improving fundamentals attract buyers. Also contributing to investor appeal are readily available credit, low interest rates and steady demand for rentals by Baby Boomers and Millennials.

Marcus & Millichap reports that transaction velocity increased 12 percent during the 12 months ending in September, as sales prices jumped almost 20 percent per unit on average. Transaction velocity is likely to keep growing in light of strong operations and plentiful debt.

Charts courtesy of Marcus & Millichap.

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