- For sale
* Available for individual sale, part of a three-property Kent State portfolio available in the auction event starting on March 20.
100 Hickory Mills Circle is a 107-unit single-story community in Kent, Ohio. The Genesis Kent III features 26 studios, 68 one-bedrooms, and 13 two-bedroom apartments with full-size kitchens, patios, private entrances, and 227 parking spaces. Currently operated as student housing, Genesis Kent III is perfectly positioned for conversion to market-rate housing utilizing the highly desirable unit mix. With a mixed tenant profile of both conventional and student renters and the unit leases already in place, the conversion to market-rate housing will be a simple transition.
Interior renovations at Genesis Kent III currently vary from unit to unit. New ownership can begin interior upgrades as needed at an average expected cost of ~$5,000 per unit for new cabinets, upgraded appliance package, faux wood flooring throughout all common areas, upgraded bathrooms, new countertops, and new carpets in the bedrooms to provide tenants the highest quality living at market rates well below the top of the competitive set. Expense savings can be found by bringing operations in line with the competitive set by removing the inclusive cable at an annual savings of nearly $40,000.
The multi-family market in Kent is equally as strong as the student housing market, with an average market rate occupancy of 99.42% and average rent PSF of $1.77 among the competitive set. With a central location three minutes from downtown, Genesis Kent III is surrounded by multi-family and student housing communities making an easy conversion to market-rate housing with minimal managerial and physical changes. Since October 2021, Kent has experienced a 10% increase in rental rates and has no supply planned within 3 miles of the community. Kent is a great location for young adults and experienced professionals. Over 60% of residents living within a two-mile radius of the property rely on rental properties as their residence. The population within five miles of the property is 77,815, with an additional daytime population of 34,871. The median household income is $51,151, with a consumer spending of over $130 million on housing within five miles of the property.