Covington Ridge

Overview

Covington Ridge
1401, 1411, 1421 & 1431 Dixie Highway, Covington, KY 41011
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The Property is comprised of more than 1 legal parcel which are contiguous, and all of the parcels are operated as a single business. Therefore, the Property counts as one ID for 1031 exchange purposes.
The Property
267-unit apartment community situated on approximately 36.54 acres and completed in 2022. The property is comprised of three 4-story residential buildings, one 3-story carriage house building and one maintenance building, offering a mix of studio, 1-bedroom, 2-bedroom and 3-bedroom units
Unit amenities include built-in microwaves, undermount kitchen sinks, gooseneck kitchen faucets with pull-down sprayers, quartz countertops, wood-designed plank flooring, ceramic tiled bathrooms, standalone showers with glass doors, washer and dryer units, brushed nickel hardware and lighting, patio and balconies, stainless steel appliances, kitchen islands with pendant lighting, subway tiled kitchen backsplash, built-in USB ports, linen closets, ceiling fans, vanities with double sinks, kitchen pan- tries, and soaker garden style bathtubs in select units.
Community amenities include a resort-style saltwater swimming pool with a sundeck, an outdoor kitchen and dining terrace, package concierge, a pet park with agility equipment, an overlook deck, a car care center with a vacuum, a resident social lounge with billiards/gaming/tvs, valet trash service, fob access with climate control corridors, two resident clubhouses, a covered pavilion with gas fireplace, EV car charging stations, a resident business center, a cyber cafe/coffee/tea bar, a fitness center, a yoga and spin studio with Echelon bikes, outdoor grilling areas, and storage rooms.
Investment Opportunity
The Cincinnati MSA ranked 5th in the nation by Site Selection Magazine 2023 Global Groundwork Index Rankings for corporate facility investment, job growth and infrastructure investment and in the top 100 best-performing cities (91st) by Milken Institute 2024.
Covington Ridge DST is within commuting distance of the area’s largest employers; Cincinnati Children’s Hospital Medical Cen- ter, Good Samaritan Hospital, University of Cincinnati, Kroger and Procter & Gamble are all within 7 miles of the property. • According to CoStar, Cincinnati ranks among the top three markets in the country for multifamily rent growth and is among the lowest of its peer markets in the Midwest and well below the national benchmark for vacancy.
Per the lease audit, the median annual household Income Is approximately $115,404, which is greater than the 1-3-5 mile radius and 51% greater than the MSA median household Income; approximately 58% of the units make over $100,000 and residents make approximately 5x the monthly rent.

Useful data

Equity Needed: > $500,000

Investment notes

• DST Investment
• High Return
• Little to No Management Responsibilities

Facts

Map

Next step

Public minimum $100,000. In-house QI included on the main offer. Submit the form to unlock this page.