RPM Buys 274-Unit Cincinnati Asset
The firm took out a $40.8 million loan for this acquisition.
RPM has acquired The Reserve at Glenbridge, a 274-unit multifamily property in Cincinnati, according to Yardi Matrix information. GoldOller Real Estate Investments sold the asset.
The buyer took out a $40.8 million permanent loan from JP Morgan Chase, the same data provider shows. The asset previously traded in February 2019, when JRK Property Holdings sold it to GoldOller.
Located at 11513 Village Brook Drive, the 23-building community is close to interstates 71 and 275, while downtown Cincinnati is 20 miles away. Cincinnati/Northern Kentucky International Airport is about 34 miles southwest.
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Completed in 2002, the property comprises one- and two-story residential buildings across almost 30 acres. The unit mix consists of one-, two- and three-bedroom floorplans varying from 629 to 1,518 square feet. Apartments also have private balconies or patios.
Common-area amenities include a fitness center, clubhouse, playground and business center, as well as a spa and two swimming pools. The property also has a media room, picnic area, yoga studio, coffee bar and tanning bed.
Cincinnati’s multifamily transaction activity in the first 10 months of the year comprised 20 assets—3,346 apartments—changing hands for $236.9 million, according to Yardi Matrix information. This figure was slightly above the one registered during last year’s same period, when 19 properties—3,053 units—traded for $171.3 million.
RPM’s recent U.S. multifamily expansion
Founded in 2021, RPM Living is the result of the merged operations between F&B Capital and CF Real Estate Services and its affiliates. The resulting entity acquired more than 45,000 units and has north of 225,000 units under management.
In July, the firm purchased Resia Dallas West, a 336-unit community in Dallas, and rebranded it as Remi West Dallas. Resia sold the asset that came online last year.
A month later, the firm bought Brentwood Downs, a 408-unit garden-style property in Lilburn, Ga. The company acquired the asset through RPM Multifamily Fund I, an investment vehicle that launched in 2024.
