Ferndale Realty Group Sells Cincinnati Communities
Ardizzone Enterprises purchased Apex and Parkton in a transaction which involved two loans totaling $38.7 million. Merchants Bank of Indiana originated the financing.
Apex
Ardizzone Enterprises has purchased Apex and Parkton, two Cincinnati communities totaling 668 units. Ferndale Realty Group sold the properties in a portfolio transaction. According to Yardi Matrix data, the sales involved two loans originated by Merchants Bank of Indiana, one in the amount of $17.4 million for Apex, and a $21.3 million one for Parkton.
The communities are located within 8 miles of each other, in the northern part of Cincinnati. Situated at 5323 E. Knoll Court, the 316-unit Apex is within 9 miles of downtown. Parkton encompasses 352 units and is located at 2300 Walden Glen Circle, adjacent to Interstate 275. The community is within walking distance of several restaurants.
Parkton
Completed in 1971 and 1977, the two properties offer one-, two- and three-bedroom floorplans. Amenities at Apex include a playground, eight laundry facilities and 410 parking spaces. Parkton offers controlled access, a tennis court, a playground, a swimming pool and 540 parking spaces.
Recently, Alpha Capital Partners has acquired Pinnacle on Pleasant, a 228-unit community, also located in northern Cincinnati.
Images courtesy of Yardi Matrix
