CREC Real Estate buys Kentucky multifamily property

CREC Real Estate has acquired Newport, Kentucky-based The Vue 180, a multifamily community.

CREC Real Estate has acquired Newport, Kentucky-based The Vue 180, a multifamily community. No financial terms were disclosed.

PRESS RELEASE

COLUMBUS, OH, July 8, 2021 – CREC Real Estate, LLC (“CREC”) today announced it has acquired The Vue 180, a 93-unit, Class A- multifamily community located near downtown Cincinnati, Ohio. All of the equity capital required for this transaction was drawn from CREC Real Estate Fund II LP. CREC was not represented by a brokerage in this transaction. Other terms of the transaction were not disclosed.

Located on the riverfront in Newport, Kentucky, The Vue 180 sits directly across the Ohio River from downtown Cincinnati, providing its residents with convenient access to downtown Cincinnati’s most popular sports and entertainment attractions, including the Cincinnati Reds, Cincinnati Bengals, and Jack Casino, and walkable access to Newport On The Levee, a multi‐level retail entertainment center.

The LEED-certified property features high‐end amenities and finishes, including hardwood floors, large custom closets, 9‐10’ ceilings, full‐size washers and dryers, and balconies/patios. The Vue also boasts community amenities, including a fitness center, clubhouse, gated covered parking, elevators, a “bark park,” bike storage, and grilling station/picnic area. CREC plans to invest in several improvements and upgrades to those common area amenities.

“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 has been thriving as strong job prospects—driven by the presence of a variety of Fortune 500 companies—have attracted tenants who value proximity to offices, entertainment areas, and outdoor activities.”

CREC is also an owner of River Haus, a 192-unit luxury community completed in 2020 in neighboring Covington, Kentucky.

Eric Henrickson, Vice President of Direct Acquisitions at CREC, added, “This property is a strong addition to our existing portfolio and represents a continuation of our strategy to purchase solidly performing multifamily assets within the Midwest region. With over $125 million in transaction volume over the past 12 months, we remain bullish on multifamily and continue to find unique and compelling acquisition opportunities within various highly competitive markets.”

As sole owner, CREC will provide asset management and has engaged Flaherty & Collins, a best-in-class leasing and property management firm, to oversee property management.

About CREC
CREC Real Estate, LLC (CREC) is a private commercial real estate investor. Based in Columbus, Ohio, the firm invests through institutional funds and private placements and has more than $1.2 billion of real estate assets under management. Employing a value-add strategy, the firm specializes in the multifamily in secondary and tertiary cities throughout the United States. Since CREC’s inception in 2001, it has closed on 52 investments across 17 states.