The new owners of a major mixed-use residential and retail property in downtown Cincinnati have a connection to one of the town's baseball greats, and now it's their turn to step up to the plate.
Crawford Hoying Real Estate Services acquired The Current at The Banks for $89.7 million from Nicol Investment Co. on Oct. 12, 2022. The sale was recognized as the sale/acquisition of the year in Cincinnati as part of the 2023 CoStar Impact Awards. The awards were judged by real estate professionals familiar with the market.
Crawford Hoying is a real estate development, management, construction and sales firm based in Dublin, Ohio. Nicol Investment Co. is based in Nashville, Tennessee.
Brent Crawford, principal and founder of Crawford Hoying, said his company was thrilled to acquire The Current at The Banks, especially since the property is near Cincinnati Reds stadium, Great American Ballpark.
“We couldn’t be more excited to acquire this property, a trophy asset in an irreplaceable location between Paycor Stadium and Great American Ballpark,” Crawford said. “We have strong personal ties to the city and have been looking for the right opportunity for a long time. I was born and raised in Batavia, and Bob [Hoying] is the oldest grandson of Reds Hall of Famer Wally Post. Our extensive background in multifamily and mixed-use neighborhoods will allow us to build on the incredible vibrancy of The Banks, and we look forward to what’s to come next.”
About the project: Current at The Banks is a six-story, 300-unit multifamily apartment and retail complex located at 121 E. Freedom Way. The 342,000-square-foot building was built in 2011. The apartments feature a rooftop pool and a clubhouse with a complimentary coffee bar. On the ground floor, the property has 77,000 square feet of retail space, and tenants include Planet Fitness and several restaurants.
What the judges said: "The purchase/sale of Current at the Banks was complex and represents a major achievement in downtown Cincinnati investment sales." — David Okun, director of real estate development at Al Neyer.
"The Banks has been a transformative development for all of the [central business district]. The Current at the Banks was the first residential building of this development which helped reinvigorate the desire to live in this part of downtown. Having an Ohio-based company who will continue to improve this project complete the acquisition makes it all the more impactful." — Brett Lowery, director of sales and leasing for Coporex.
They made it happen: Kinnedy Kuhn, marketing and communications specialist, Crawford Hoying Real Estate Services. David Lockard, Kurt Shoemaker, Justin Puppi and John Jaeger of CBRE represented the seller.
