Joint-venture with Barrett & Stokely (B&S), an experienced owner/operator of residential apartments. Headquartered in Indianapolis, B&S owns and manages over 10,000 units including several urban properties. One Lytle Place is in a prime location in the heart of downtown Cincinnati along the Ohio River just a short walk from major employers, restaurants, and major entertainment venues. The downtown area has seen a resurgence of housing, entertainment, and office construction in recent years. There was investment upside through the planned rehabilitation of 191 units. 40 units previously upgraded by the seller are achieving average monthly rent premiums of $130/unit.
Size: 267 Apartment Units and 419 Space Parking Garage on 0.407 Acres
Purchased: June, 2011
Realized: December, 2015
Ownership: Lytle Capital Partners LLC, joint-venture owned 75% Westminster Lytle LLC (100% Fund VIII) and 25% B&S Ohio Investors, LLC