Gaslight Buys 150-Unit M-F Community in Clifton
- Dec 17, 2014
Gaslight Property has acquired a 151-unit apartment complex in Cincinnati’s Clifton neighborhood. The local investment and property management company bought The Overlook at Clifton from PBE Cos. L.L.C. of Providence, R.I.
According to the Cincinnati Business Courier, Gaslight paid more than $2.95 million for the property, which is located at 700-714 Riddle Road, near the University of Cincinnati. Amenities include balconies, hardwood floors, a laundry room, a swimming pool and 112 parking spaces. At the time of the sale, The Overlook at Clifton was 94 percent occupied.
Dave Taylor, who heads the family-owned company, told the Business Courier that he plans to upgrade the property and increase its value. He also said that Gaslight intends to sell some holdings in other areas of Cincinnati and focus more on the Clifton market.
PBE Cos. was represented by Don Murphy, a senior vice president with Cassidy Turley, and Kurt Shoemaker, an associate vice president with the firm.
“We were pleased to assist PBE Companies with this transaction,” Murphy said in a statement. “Gaslight (Property) plans to focus its growth in the Clifton area, so it was a perfect fit for both parties.”
According to the fourth-quarter apartment market report from Marcus & Millichap Real Estate Investment Services Inc., the pace of multi-family sales in Greater Cincinnati is accelerating as high returns and improving fundamentals attract buyers. Also contributing to investor appeal are readily available credit, low interest rates and steady demand for rentals by Baby Boomers and Millennials.
Marcus & Millichap reports that transaction velocity increased 12 percent during the 12 months ending in September, as sales prices jumped almost 20 percent per unit on average. Transaction velocity is likely to keep growing in light of strong operations and plentiful debt.
Charts courtesy of Marcus & Millichap.