We added a sixth property to our Cincinnati portfolio today with the $80 million purchase of The Approach at Summit Park. The 290-unit mid-rise property is located in the submarket of Blue Ash and sits directly adjacent to Summit Park, one of Cincinnati’s most popular parks.
“I love the location! It’s in the most desirable area of Blue Ash and is right next to Summit Park,” said senior manager Katie Smith, who is eager to take on her first new acquisition. “It is truly a lifestyle property.”
Originally from the Cincinnati area, Katie has spent her entire Connor Group career working in the Dayton market. The opportunity to run The Approach presented her with the opportunity to return to familiar territory.
“I was surprised when Sal asked me to run it. I was humbled and excited for the new role. I have worked in Dayton for the past three years, but this area is home to me.”
Katie and the team are eager to get started. Their target is a 12-month re-engineer, improving net operating income by 100% in the first year of ownership.
“Katie Smith has proven she can drive customer service and system execution at an elite level,” said partner and regional head Sal Gracia. “And Jasmine (McLaurine), Scott (Denlinger), and Dennis (Thewlies) have all been performing at an 8.0 or higher. The chemistry with this team will take the execution to new heights.”
The Approach team includes:
- Katie Smith, senior manager
- Jasmine McLaurine, senior sales
- Scott Denlinger, lead tech
- Dennis Thewlies, turn tech
So why did we purchase The Approach? It all came down to the location.
“It’s not so much the asset we liked as the location itself. It’s in a great school district and is located directly on Summit Park,” said analyst Josh Staley, who was among the first Connor Group associates to visit the property. “It’s just a great location that is going to continue to get better.”
Summit Park has quickly become one of the most popular parks in Cincinnati. But it’s much more than just a park. Summit Park hosts weekly events year-round and is home to a variety of premium dining and retail options, driving hundreds of visitors every day.
“You take the location and add in the fact that it is very hard to build apartments in Blue Ash, so you have limited competition, along with a 100 percent NOI Improvement, it just becomes a no-brainer Connor Group property.”
We look forward to seeing the entire team at The Approach crush it!