CINCINNATI, OH - Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of Mills Run, a 212-unit multifamily apartment community located in suburban Cincinnati, OH.
Chicago, IL-based ARA principal, Debbie Corson, represented the seller, Deerfield, IL-based Oak Residential Partners, LLC in the transaction. Oak Residential Partners is a privately-owned company that invests, develops and manages commercial and multifamily real estate.
The community was acquired by Pepper Pike, OH-based Apollo Management, a privately-held company specializing in multifamily, homeowner association, condominium association and student-housing apartment management and aggressively expanding their Midwest property portfolio in Kentucky, Chicago and throughout Ohio.
Constructed in 1988, Mills Run is a multifamily community located in Cincinnati’s northwest suburbs in Forest Park, a planned community with superior accessibility just south of I-275 and dense employment opportunities provided by the area’s 6,500 businesses. Additionally, Forest Park offers a wealth of retail and commercial development including Jungle Jim’s International Market - a nationally famous “theme park” for food lovers; the first and only IKEA store in the tri-state area; and two shopping malls.
Previous ownership added over $550,000 in capital improvements including extensive landscaping upgrades, replacement of all entry doors and renovation of common areas. Above market on-site amenities include outdoor and indoor heated swimming pools, indoor racquetball court and intercom entry systems.
“This was a true win-win for both the seller and the buyer”, said ARA’s Debbie Corson. She added, “Oak Residential was ready to redeploy capital after rehabbing the asset and Apollo Management is looking to expand their multifamily holdings in the Cincinnati market and Mills Run is an excellent fit for their investment criteria.”
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Adele Deeter, at deeter@arausa.com or 937.439.1094.
About ARA: Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.