NEWPORT, KY – CREC Real Estate announced it has bought 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 told.
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 well loved 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 fantastic 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 buy 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.

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BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson (NYSE:KW) has bought Sombra del Oso, a wholly owned 344-unit apartment community in Albuquerque, New Mexico, for $65 million, excluding closing costs. Kennedy Wilson invested $28 million of equity using proceeds generated from recent asset sales and secured a 10-year loan of $39 million at a fixed-rate of 2.85%.
The buy comes on the heels of several large apartment transactions across the Western U.S. that have added more than 2,000 units to Kennedy Wilson s growing portfolio in the last six months, with a focus on recycling capital into high-quality properties located in high-growth markets.
We first entered the Albuquerque multifamily market in 2019 to establish a foothold in a region that offers relative affordability, a strong job market and a fantastic lifestyle for residents, and we are pleased to build on our presence with the acquisition of Sombra del Oso, said Senior Managing Director Shem Streeter, who leads acquisitions for Kennedy Wilson s multifamily division. We are encouraged by the region s resilience this past year and believe there is significant upside in local multifamily as investment continues to flood into the area and residents seek out high quality rental opportunities.
Sombra del Oso is a two-tale, garden-style community that sits on 16 acres in the Westside of Albuquerque, six miles from Downtown and surrounded by a variety of shopping and restaurants. The property is currently expected to add approximately $3 million of initial annual net operating income upon acquisition, which is projected to grow as Kennedy Wilson plans to invest approximately $7 million to upgrade unit interiors as well as amenities and common areas on site.
The acquisition of Sombra del Oso contributes to a dramatic increase in recent transaction activity at Kennedy Wilson as well as an expansion of its multifamily portfolio, which has grown from 30,000 units at year-end 2020 to over 32,000 units at the close of Q2 2021. Sombra del Oso is Kennedy Wilson s second multifamily acquisition in the Albuquerque market, following the buy of Skystone in 2019.

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RALEIGH, NC – Located just four miles north of Myrtle Beach, SC, home to gorgeous beaches, award-winning restaurants, and highly-touted golf courses, The Banks at Bridgewater will offer sophisticated apartments starting in late 2021.
Infusing daily life with a dose of vacation, The Banks at Bridgewater features floor-to-ceiling windows, granite countertops, hardwood floors, spacious kitchen islands, balconies with incredible views, large walk-in closets, luxury bathrooms, a washer and dryer in every home, and more. Living at The Banks at Bridgewater allows you to step outside and soak in the vacation vibes while enjoying the saltwater pool and sun-deck with available sound systems, private workspaces, and valet trash pickup.
Drucker + Falk (DF), with deep roots in multifamily management, is a performance-driven real estate service and investment firm among the most respected property management and commercial real estate companies in the country. DF has once again joined forces with NC-based developer, Craig Davis Properties (CDP) to bring yet another stunning apartment community to market, having first worked with CDP on Lumen Apartments, Hampton, Virginia s premiere luxury apartment community. With over three decades of experience, the teams at CDP effortlessly combine state-of-the-art concepts with state-of-the-market opportunities to make unique environments for all who live, work, and play in the community.
For The Banks at Bridgewater s development, DF and CDP have worked together on multiple levels – consulting, design, development, and lending one another expertise and experience in the fields of multifamily development and management and in new construction.
DF Managing Director and Principal, Kellie Falk, says With more than ten decades of experience under our belts collectively, the teams at CDP effortlessly combine their forward-thinking thoughts and state-of-the-art concepts with our thoughts for management and development. All of us at Drucker + Falk are looking forward to more projects to come with Craig Davis Properties.

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