Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit multifamily property in Lawrenceburg, Indiana, about 26 miles from Cincinnati.
Revitate Cherry Tree’s Tuscany Bay acquisition comes on the heels of its 182-unit acquisition in Jeffersonville, Indiana, and a 210-unit acquisition in Elkhart, Indiana, giving the firm economies of scale across the state.
With the Tuscany Bay investment, Revitate Cherry Tree has completed investment on the fund with a $110 million portfolio comprised of 841 units across six properties.
Revitate Cherry Tree also recently announced its first cash distribution to the Fund investors, arriving less than three months following the Fund final close date of December 31, 2022.
Revitate Cherry Tree’s most recent acquisition demonstrates this strategy in action. Built in 1999, Tuscany Bay is in close proximity to the newly developed Amazon Air Hub, a $1.5 billion air cargo facility spanning 800,000 square feet at the Cincinnati/Northern Kentucky International Airport. The property is also a short drive from major Cincinnati employers such as Kroger, the University of Cincinnati, Proctor & Gamble, and GE, among others, as well as many dining, shopping, and entertainment options.
Residents and prospective renters at the property have access to large two- and three-bedroom floor plans, an upgraded clubhouse, pool, playground, TV room, and fitness center.
