JLL Capital Markets announced that it has closed the sale of Vue 180 on the Water a 93-unit, Class A multihousing community in the greater Cincinnati area of Newport, Kentucky.
JLL marketed the property on behalf of the seller, Graycliff Capital Partners. Core Real Estate Capital acquired the property.
Vue 180 on the Water comprises of one- and two-bedroom units with an average of 939 square feet. The apartments feature gourmet kitchens, large custom closets, nine- to 10-foot ceilings, oversized windows, in-unit washer and dryer and spacious private balconies in select units. Community amenities include fitness center, residents lounge, grill station and picnic area, dog park, gated covered parking and controlled building access.
The property, located at 300 Riverboat Row, is a five-minute drive to downtown Cincinnati, 20-minute drive to Cincinnati/Northern Kentucky Airport and a 10-minute drive to Cincinnati Municipal Airport—Lunken Field. Residents of Vue 180 at the Water enjoy easy access to the Cincinnati and Northern Kentucky area via bridges, bike paths and expressways. Three bridges—vehicular and one pedestrian—connect Newport to downtown Cincinnati. Additionally, two bridges on the western boundary of Newport connect to the city of Covington. The community has excellent access to I-471, which provides connectivity to I-275 and I-71, facilitating transportation to all of Northern Kentucky and greater Cincinnati. Additionally, residents have easy access to The Southbank Shuttle Trolley, which travels the riverfront cities of Newport, Covington and downtown Cincinnati, making travel between entertainment venues, sports arenas, shopping and dining destinations easy and enjoyable.
The JLL Capital Markets investment sales advisory team that represented the seller was led by Managing Directors David Gaines and Trent Niederberger, Senior Director Matt McCune and Managing Director Marty O’Connell.
“This sale provided a great opportunity for the buyer to acquire a stabilized multi-housing property in a highly coveted location overlooking downtown Cincinnati, which will allow them to further expand their multifamily portfolio in the immediate area,” Gaines said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.