ARA Announces $7M Sale for 240-Unit REO Asset
- Mar 25, 2013
Lakeside Park, Ky.—ARA, a privately held investment advisory firm, has announced the sale of Lakeside Landing, a 240-unit community in Lakeside Park, Ky., which is also part of the Cincinnati market. The REO asset was purchased for $7 million by PLK Communities, a Cincinnati-based real estate company. ARA represented an undisclosed seller in the transaction.
Lakeside Landing, which was originally named Derby Ridge Apartments, was built in 1974. It is a class C+ property.
The community offers a convenient location for residents. It is located five miles south of downtown Cincinnati and five miles east of the Cincinnati Northern Kentucky Airport.
“PLK typically buys distressed properties with upside potential and holds them long-term,” Debbie Corson, ARA Chicago principal, says. “They were especially attracted to Lakeside Landing due to its value-add component and its location in a suburb of Cincinnati with a growing population and good demographics.”
PLK plans to grow occupancy and rents and improve the management of the community.
At the time of the sale, Lakeside Landing was 90 percent occupied.