Graycliff Capital Trades Cincinnati Luxury Community for $21M
The 93-unit multifamily asset last changed hands in 2016 for nearly $22 million.
Graycliff Capital Partners has completed the $20.9 million disposition of Vue 180 on the Water, a 93-unit multifamily property in Newport, Ky., to Core Real Estate Capital, according to Yardi Matrix. JLL Capital Markets arranged the deal on behalf of the seller.
The Class A community last changed hands in 2016, when Graycliff paid The Burlington Capital Group $21.9 million for the asset and assumed an outstanding $16.4 million CMBS loan, according to the same data provider.
The community, managed by Flaherty & Collins Properties, had a 90 percent occupancy rate at the time of the sale. The transaction marks Core Real Estate Capital’s entrance to the Cincinnati market.
Vue 180 on the Water is located at 300 Riverboat Row on 1.2 acres. The four-story building is home to one- and two-bedroom units averaging 939 square feet. On-site amenities include a gym, lounge, barbecue and picnic area, dog park and covered parking.
The community is located alongside the Ohio River, 3 miles from downtown Cincinnati. The retail corridors on Riviera Drive and Monmouth Street are both within 1 mile of the property. The community is also 14 miles east of Cincinnati International Airport.
The JLL Capital Markets team assisting Graycliff included Managing Directors David Gaines and Trent Niederberger, Senior Director Matt McCune and Managing Director Marty O’Connell.
In the first half of last year, the South Carolina investor expanded its Sun Belt portfolio with the acquisition of a 380-unit community in Asheville, N.C., and another 212-unit community in Beaufort, S.C.