Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Nicol Investment Divests The Banks Multifamily Portfolio in Cincinnati
Nicol Investment Company (NIC) has sold the Riverfront Portfolio at The Banks, a mixed-use project on the Ohio River in Cincinnati, to Crawford Hoying. Although the sale price wasn’t disclosed, the Cincinnati Business Courier reported it at $177 million.
The project has two multifamily properties, Current at the Banks and Radius at the Banks, totaling 592 units and about 100,000 square feet of ground-floor retail. Nashville-based NIC acquired Current in 2014 and co-developed Radius in 2017.
“We are pleased to announce the sale of The Banks to an excellent owner in Crawford Hoying, which brings tremendous value to the high-profile project as a manager and operator of various commercial real estate projects throughout Ohio,” said Ron Johnson, CFO at NIC. “We’d like to thank the CBRE Riverfront Team, led by Dave Lockard and Kurt Shoemaker, for representing us in the transaction.”
- ◦Sale/Acquisition
