NEWPORT, KY – CREC Real Estate announced that it has acquired The Vue 180, a 93-unit Class A apartment building located near downtown Cincinnati, Ohio. The equity required for this transaction was drawn entirely from CREC Real Estate Fund II LP. CREC was not represented by a brokerage company in this transaction. Other terms of the transaction were not disclosed.
The Vue 180 is located on the riverside in Newport, Kentucky, just across the Ohio River from downtown Cincinnati. and within walking distance to Newport On The Levee, a multi-story retail entertainment hub.
The LEED-certified property has premium amenities and finishes, including hardwood floors, large custom cabinets, 9-10 foot ceilings, full-size washers and dryers, and balconies / patios. The Vue also offers communal facilities including a fitness center, clubhouse, covered parking lot, elevators, a "Bark Park", bicycle storage and a barbecue / picnic area. CREC plans to invest in several improvements and upgrades to these common areas.
"The Vue 180 is a great property in an area we already know well and believe has a bright future," said Jeff Coopersmith, chairman and founder of CREC. "The Kentucky side of the Ohio River is thriving as job prospects – fueled by the presence of a large number of Fortune 500 companies – have attracted tenants who value proximity to offices, entertainment areas, and outdoor activities."
CREC also owns River Haus, a 192-unit luxury development in neighboring Covington, Kentucky, to be completed in 2020.
Eric Henrickson, Vice President Direct Acquisitions at CREC added, “This property is a strong addition to our existing portfolio and represents a continuation of our strategy to acquire solid multi-family homes in the Midwest. We have remained optimistic and positive about multi-family homes for the past 12 months continue to have unique and compelling acquisition opportunities in various highly competitive markets. "
As sole owner, CREC will handle the asset management and has hired Flaherty & Collins, a world class leasing and property management company, to oversee the property management.