Nicol Investment Co. Sells Cincinnati Duo
Crawford Hoying has closed its acquisition of the pair of downtown properties.
Nicol Investment Co. has sold off two downtown Cincinnati communities. The properties, known collectively as “The Banks” and marketed as “The Riverfront Portfolio,” were acquired by Crawford Hoying, according to Yardi Matrix data.
The Riverfront Portfolio included the 300-unit Current at the Banks and the 292-unit Radius at the Banks. Nicol paired the communities together as a portfolio, but the firm acquired Current at the Banks from Carter for $79.5 million in October 2013, according to Yardi Matrix.
Built in 2011, Current at the Banks is 89.3 percent occupied, according to the data. The community offers studio, one- and two-bedroom units ranging from 493 to 1,303 square feet with granite countertops, stainless steel appliances and washer and dryer units. Building amenities include a sundeck, fitness center, rooftop courtyard and pool.
Radius at the Banks was built more recently, in 2016, and is 93.8 percent occupied, according to Yardi Matrix data. The community also offers studio, one- and two-bedroom units of similar size, with these ranging from 592 to 1,295 square feet each. The units were built with walk-in closets, private balconies and washer and dryer units, while the community’s amenities includes a fitness center, business lounge, coffee bar, clubroom, demonstration kitchen, fireplace, and an outdoor grilling area, as well as a gaming room, outdoor pool, yoga studio and on-site storage.
The communities are located roughly a block apart and are within walking distance to nearby attractions like the Great American Ball Park, Paycor Stadium and Smale Riverfront Park, as well as downtown Cincinnati’s museums, convention centers and restaurant and retail options.
Focus on Southern states
With the sale of the Riverfront Portfolio, Nicol has exited the Ohio market. The Nashville-based firm has focused on the Southeastern U.S. market, with multifamily properties in Alabama, Florida, South Carolina and Tennessee.
Nicol is continuing to build out its Tennessee footprint, constructing a 298-unit community in Nashville and a 296-unit community in Mount Juliet, Tenn. The broke ground on the latter project, The Enclave at Providence Apartments, in July 2021.
Outside its home state, Nicol is working on Upland Park, a larger-scale master-planned community in Huntsville, Ala., that will total 635 units. The project will include 189 units for senior living and will host 110,000 square feet of office, retail and restaurant space upon its completion.