Fully Affordable Portfolio Trades in OH

Independent Management Services purchased Shelton Gardens and Reids Valley View Manor for $4.8 million. The two assets have 254 units combined.
Shelton Gardens
Shelton Gardens

After paying $3.2 million for Alms Hill in late 2018, PE Affordable Housing has sold a portfolio consisting of two fully affordable communities in the Cincinnati metro area. According to Yardi Matrix data, Independent Management Services paid $4.8 million in the transaction, which was a trustee sale on behalf of U.S. Bank. The sale incorporated the 138-unit Shelton Gardens and the 116-unit Reids Valley View Manor. 

The two properties are next to each other on Westwood Northern Boulevard, within 6 miles of downtown Cincinnati, west of Mill Creek. Both Interstate 74 and 75 are within a 10-minute drive, as is the Cincinnati State Technical and Community College.

Completed in 1968, Shelton Gardens changed hands for $2 million and encompasses efficiency, one- and two-bedroom units ranging from 350 to 600 square feet. Reids Valley View Manor was built in 1970 and traded for $2.8 million. The property includes one-, two- and three-bedroom floorplans, averaging 723 square feet. Both communities have stand-alone rental offices, laundry facilities and parking lots.

Image courtesy of Yardi Matrix