Former Bengals star invests $25M in Cincinnati apartments
CINCINNATI (Cincinnati Business Courier) - One of the Cincinnati Bengals' all-time leading scorers intends to invest more than $25 million in a multifamily housing portfolio project across Greater Cincinnati.
Blue Tide Partners, a Covington-based real estate investment firm founded by Tom Miller and Doug Pelfrey, a Bengals placekicker from 1993 to 1999, recently received a $25 million bridge loan from Columbia Pacific Advisors LLC, a Seattle-based investment services company.
The funding will enable Blue Tide Partners to acquire a nine-property, 435-unit multifamily portfolio, increasing the company's total portfolio to 18 properties and 647 units. Pelfrey said he expects Blue Tide to expand its portfolio up to 2,500 units within the next five years.
Pelfrey declined to reveal addresses of the recently acquired properties. However, he said all nine buildings are in Greater Cincinnati neighborhoods including Avondale, Forest Park, White Oak, Fairmount, Roselawn and Sycamore Township.
To learn more about the investment, read the full story from the Cincinnati Business Courier.
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