After closing on a 51-property, 7,837-unit affordable housing portfolio earlier this year, Related Cos. has purchased Alms Hill, a 200-unit fully affordable community in Cincinnati’s Walnut Hills neighborhood. PE Affordable Housing sold the asset for $3.2 million. According to Yardi Matrix data, the property was acquired through a trustee sale, subject to an acquisition and development loan held by KeyBank.
Located at 2525 Victory Parkway, Alms Hill is less than 3 miles from Cincinnati’s central business district. The asset is also within walking distance of several dining facilities and general stores. Bus stops, as well as major transit routes, such as Interstate 71 and Highway 22, are very close to the property.
Completed in 1925, the former luxury hotel includes a total of 200 affordable units, of which 20 are efficiency, 137 one-bedroom and 43 are two-bedroom units. The apartments average 557 square feet and are spread across ten and a half stories.The property offers controlled access and laundry facilities.
Image courtesy of Yardi Matrix