Cincinnati Apartment Community Changes Ownership
- Aug 18, 2021
Clifton Colony, a multifamily community in Cincinnati, Ohio’s neighborhood of Clifton, has changed hands. Vision & Beyond Capital Investments acquired the 297-unit property and is already underway on the early stages of a significant improvement plan. The seller was CMC Properties. Both the buyer and the seller are Cincinnati-based.
Located at 714 Clifton Colony Drive, the asset is a 49-year-old apartment community built of masonry construction. It features 10 buildings with one- and two-bedroom units renting for between $610 and $976 monthly and has an occupancy rate of nearly 92 percent, according to data provided by Yardi Matrix. The intention of Vision & Beyond is to nominally increase rents on each Clifton Colony apartment as it is renovated.
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Clifton Colony apartments feature individual air conditioning, high-speed Internet access and, in select units, dishwashers and private balconies. Among the notable extras on the community’s list of amenities is a recently refreshed 24-hour fitness center.
Earlier this month, Cincinnati was among cities identified as climate havens of interest to multifamily investors eyeing future climate-change-induced migration patterns.
The substantial enhancement program of Vision & Beyond calls for installation of new HVAC and windows. It will also provide enhanced landscaping in an effort to improve the community’s surroundings. Renovations will add updated features and finishes to each Clifton Colony apartment that becomes available through attrition. No residents will be displaced during the undertaking of renovations.
What’s more, the development will continue to serve the area’s workforce population, including middle-income worker, young professional and student residents.
The apartment community’s location delivers conveniences for Clifton Colony residents. The property is close to the University of Cincinnati and Cincinnati State Technical and Community College, as well as to hospitals and Interstate 75. Three shopping centers are situated within approximately 1.5 miles of the property. Clifton and nearby downtown Cincinnati both offer entertainment. Parks and recreation areas in the vicinity include Burnet Woods, Trailside Nature Center, Cincinnati Zoo and Botanical Garden, William H. Taft National Historic Site and OMNIMAX Theater. All are situated less than 3 miles from Clifton Colony.