An out-of-state investor recently paid $20 million to acquire a 665-unit Federal HAP Contract portfolio with five ground-floor retail spaces in Cincinnati and Dayton, Ohio.

The New Jersey buyer acquired the portfolio from a locally based investor.

The portfolio includes a total of 20 contracts, 19 of which are in Cincinnati and one in Dayton. The unit mix consists of 79 studios, 215 one-bedroom/one-bath units, 174 two-bedroom/one-bath units, 150 three-bedroom/one-bath units, 37 four-bedroom/1.5-bath units, seven five-bedroom/two-bath units and three six-bedroom/two-bath units.

At the time of sale, the portfolio was fully occupied.

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