URS Capital Sells Cincinnati-Area Community
PGIM Real Estate Finance provided the new owner with a 12-year, Fannie Mae acquisition loan of more than $14 million.
Alpha Capital Partners has acquired Pinnacle on Pleasant, a 228-unit community north of Cincinnati, from URS Capital Partners, according to Yardi Matrix. PGIM Real Estate Finance provided the buyer with a 12-year, $14.2 million Fannie Mae acquisition loan.
Capstone Apartment Partners’ Alex McDermott, Sherief Gouda, Nathan Murphy and Stasiu Geleszinski represented URS in the sale. The firm had purchased the community in late 2014 from Penklor for $12.7 million. In August 2018, URS sold another of its assets—a 76-unit townhome property near Charleston, S.C.—for $6.8 million.
Located at 5001 Pleasant Ave. in Fairfield, Ohio, the garden-style community’s 10 buildings are positioned alongside U.S. Highway 127, with downtown Cincinnati a 20-mile drive to the south. A Kroger-anchored retail center is in the nearby area, alongside the Nilles Road retail corridor.
Pinnacle on Pleasant was built in 1970, and the community contains a mix of one-, two- and three-bedroom apartments. Floorplans range from 680 to 1,100 square feet. Amenities include a fitness center, basketball and tennis courts, a swimming pool, a dog park and laundry facilities. In November 2018, the property was 97.8 percent occupied, per Yardi Matrix data.
Image courtesy of Yardi Matrix