In 2016, CREC partnered with an accomplished developer on the development of The Boulevard at Oakley Station, a 150-unit Class A multifamily apartment community. Located in the Cincinnati suburb of Oakley, the location offers an abundance of restaurants, shopping and entertainment options that are steps away from the apartment community. The interior package includes finishes such as quartz countertops, stainless steel appliances, luxury flooring and 9’ ceilings. Exterior amenities include an outdoor saltwater swimming pool, dog park, bike storage room, package storage room with 24-hour retrieval and a state-of-the-art fitness center with spinning and yoga rooms.
Construction on the project began in May of 2016 and remained on schedule and in-line with the initial budget, with construction completed in July 2017. Pre-leasing was strong upon commencement of the leasing initiatives in February 2017. The first building was completed in May 2017, which allowed the first residents to move in and further increased interest among prospective renters. Leasing velocity exceeded expectations, which enabled the property to secure a 3.93% fixed-rate loan with a 7-year term in Q4 of 2017. Between the refinance and ongoing cash flow, investor distributions have exceeded their original capital investment.
- Asset Location: Oakley, Ohio (Cincinnati, Ohio)
- 150-unit, Class A multifamily apartment community
- Investment Date: April 2016
- CREC Total Investment: $4.2 Million
- Investment Type: Ground Up Development
- JV Partner: Flaherty & Collins