Blue Vista Buys 192-Unit Cincinnati Asset

RiverHaus’ development costs reached roughly $50 million.

Property at 515 Main St., Covington, Ky.
RiverHaus includes 7,000 square feet of amenities. Image courtesy of Blue Vista Capital Management

Blue Vista Capital Management has purchased RiverHaus, a 192-unit luxury multifamily community in Covington, Ky. The seller was Flaherty & Collins Properties, according to Yardi Matrix data. The property debuted in 2020 and this transaction marks the first time it changed hands.

RiverHaus’ development costs rose to roughly $50 million. Huntington National Bank originated $33 million in construction financing in 2017, followed by a permanent $43 million note issued by Natixis in 2021, the same source shows. Flaherty & Collins also tapped PACE Equity to complete the financial stack with $4.4 million in equity.

READ ALSO: Commercial & Multifamily Mortgage Debt Outstanding Increased in Fourth-Quarter 2023

Rising five stories, RiverHaus encompasses studio, one- and two-bedroom floorplans ranging between 566 and 1,426 square feet. The property also includes 4,000 square feet of retail space. Community amenities comprise a saltwater swimming pool, sky deck, coffee lounge, dog park and gym, as well as a courtyard with fire pits, a bar, a lounge and grilling stations.

Located at 515 Main St., the community is less than 1 mile south of the Ohio River and east of Interstate 71. Downtown Cincinnati is less than 2 miles away. The property is within walking distance of various retail options.

The ups and downs of Cincinnati’s multifamily transactions

Year-to-date through April, nearly 1,000 units changed hands in metro Cincinnati, according to Yardi Matrix data. This represents a slight increase from the roughly 850 units that had traded during the same period in 2023.

Although investment activity seems to have picked up in the metro, the average price per unit nearly halved clocking in at roughly $125,000, significantly down from the nearly $237,000 registered during the same interval last year.

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