Colonial Village Apartments – 3641 Irving St, Cincinnati, Ohio 45220

Court-Appointed Receiver sale.  Online bidding only.  Prodigy Properties is pleased to present Colonial Village Apartments for sale, an ~62,000 SF apartment complex located in Avondale, Ohio, a neighborhood less than six miles from the flourishing Downtown Cincinnati.  The complex is situated on 3.77 acres and is 53% occupied, presenting an intriguing value-add opportunity.  Of the 66 total units, 33 are three-bedroom / one-bath and the other 33 are two-bedroom / one-bath.  Associated with the property is an active project-based Section 8 HAP Contract, which covers 100% of the units.  The current HAP contract expires in 2035 and is renewed in 20 year increments.  The property will be sold non-contingent of the buyer obtaining HUD approval for the HAP contract.  Subject property is surrounded by both residential and other commercial properties.  Nearby amenities include, but are not limited to, the University of Cincinnati, Xavier University, Cincinnati Zoo & Botanical Garden, Good Samaritan Hospital, Cincinnati Children’s Hospital, grocery stores, churches, gas stations, parks, schools, playgrounds, and a variety of restaurants.  Significant upside potential exists by curing deferred maintenance and increasing occupancy.  Do not miss out on this unparalleled opportunity.

Unit breakdown (all one bath):

• 66 units total
  • 33 two-bedroom units (795 SF)
  • 33 three-bedroom units (1,080 SF)

To tour the property and receive any due diligence information, prospective bidders must:

• Submit an executed Confidentiality Agreement

Furthermore, to be granted bidding access, a prospective bidder must, in addition to the above:

• Complete and submit a Prospective Bidder Questionnaire
• Complete and submit a Purchase and Sale Agreement, leaving only the purchase price terms blank
• Wire a $25,000 participation deposit to the escrow account of the Receiver
• Have otherwise met all other reasonable requirements of the Receiver

Information contained in ANY advertisement for this property is not guaranteed or warranted and should not be relied upon.  BY BIDDING ON THIS PROPERTY THE BIDDER REPRESENTS IT HAS INDEPENDENTLY VERIFIED ALL INFORMATION AND MADE THE DECISION TO BID BASED UPON THEIR OWN INVESTIGATION.  High successful bidder must wire transfer a deposit of 10% of the final purchase price by 5pm EST on the next business day after the auction conclusion (Monday, June 14, 2021).

Key sale points:

• Property is sold 100% AS-IS, WHERE-IS, with all faults.
• Property is sold subject to all code violations.
• Property is sold subject to court approval.
• All bids are subject to Receiver’s confirmation.
• Receiver reserves the right to accept or reject any bid or offer, at any time prior to or subsequent to auction end, for any reason.
• Information contained in any advertisement is not guaranteed or warranted.
• No contingencies will be accepted, except the Receiver’s ability to convey insurable title.
• Property will be sold free and clear of all liens.
• Property taxes will be pro-rated to the day of closing.
• Cash only sale, absolutely no financing contingencies.
• Absolutely no inspection contingencies.
• Property will be sold non-contingent of the buyer obtaining HUD approval.
• 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price.
• Deposit of 10% of the final purchase price must be wired to Receiver’s title company by 5pm EST on the next business day after the auction conclusion (Monday, June 14, 2021).
• The terms of the sale are fully set forth in the Agreement and are not negotiable.