City Center Properties

What City Center Properties does

City Center Properties is a privately held, founder-owned real estate firm founded in 1987 by Chris Frutkin and headquartered at 1431 Main Street, Cincinnati, Ohio. The company specializes in the acquisition, historic renovation, and adaptive reuse of architecturally significant buildings in the Greater Cincinnati and Northern Kentucky area, converting former breweries, YMCAs, Masonic lodges, and industrial structures into residential apartments, lofts, and condominiums. Its current portfolio comprises 12 active rental communities spanning an estimated 200+ units across neighborhoods including Clifton Gaslight, Over-the-Rhine, East Walnut Hills, Camp Washington, Northside, and Covington, KY, with notable assets including The Emery Apartments (74 units, acquired in 2019 for $8.55M with partner Dave Neyer), The Williams (29 units), and Machine Flats (60 loft-style units). The company owns no proprietary technology platform and operates on AppFolio Property Manager for rent collection, maintenance requests, and resident communications.

The business model is straightforward residential rental: monthly recurring rental income from tenants, with rents disclosed only on The Emery (starting at $1,445/month) and the remainder varying by unit and property. The company does not use third-party listing platforms or channel partners; tenant acquisition is direct-to-consumer via the company website (searchable availability, HD video walkthroughs, Walk Score badges), phone inquiries, in-person tours, and earned media (podcast appearances, local press). Marketing emphasizes the historic architectural character of the buildings (exposed brick, 18-ft ceilings, original hardwood floors), high walkability (79%–99% Walk Scores), and proximity to downtown Cincinnati, universities, and hospitals. The target customer segment is urban renters — individuals and families seeking character-rich, walkable living spaces in historic Cincinnati neighborhoods rather than conventional Class A apartment product.

Operations are run by a lean team of 1–10 employees led by President/CEO Chris Frutkin and Co-Founder Jennifer Frutkin. The company is privately held with no institutional investors, no disclosed funding rounds, and no parent company; expansion has historically been funded internally and via project-level joint ventures (notably with Dave Neyer). Revenue is not publicly disclosed, and growth has been measured — driven by periodic property acquisitions and adaptive-reuse development rather than rapid scaling.

Name

City Center Properties

Legal name

City Center Properties

Website

https://citycenterproperties.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

City Center Properties is a founder-owned Cincinnati real estate firm founded in 1987 that acquires, renovates, and operates historic residential apartment and loft properties across the Greater Cincinnati and Northern Kentucky area.

Ownership category

akta.pro rank

Product category

Residential Real Estate / Multifamily Housing

NAICS

Residential Remodelers (236118), Residential Building Construction (23611), Residential Building Construction (2361)

SIC

Operators Of Apartment Buildings (6513), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Renovation, Remodeling & Tenant Improvements (General Contracting) (IMAFAAAE)

akta.pro secondary industries

Whole-Home Interior Renovation (Non-Structural) (HSAPAEAC), Whole-Home Exterior Renovation (Envelope & Curb Appeal) (HSAPAEAD)

Keywords

• Residential rental properties
• Historic building renovation
• Loft apartments
• Multifamily housing
• Property management

Headquarters

HQ city

Cincinnati

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Residential Rental Income: The primary revenue stream comes from monthly rental payments collected from tenants across 12+ properties in Cincinnati, Ohio and Covington, Kentucky. The company owns and operates residential apartment buildings, lofts, and historic properties. Revenue is recurring on a monthly basis with standard residential lease terms.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

City Center Properties owns and operates 12+ renovated historic apartment and loft communities across Cincinnati, Ohio and Covington, Kentucky, totaling an estimated 200+ rental units. The company specializes in adaptive reuse of architecturally significant buildings (former breweries, YMCAs, Masonic lodges, industrial buildings) preserving historic features such as exposed brick, hardwood floors, beamed ceilings, and stained glass, while incorporating modern finishes like stainless steel appliances and quartz countertops. Revenue is generated through monthly residential rental income on standard lease terms.

Product overview

City Center Properties operates a portfolio of renovated historic apartment and loft communities in the greater Cincinnati/Northern Kentucky area. The company offers 12 active residential communities ranging from luxury apartments (The Emery, The Williams) to historic loft-style units (Guild Haus, Machine Flats) and traditional apartments (Marburg, Maplewood, Delmoor, Colonial). Properties feature historic architectural details combined with modern finishes including hardwood floors, exposed brick, stainless steel appliances, and high ceilings. The portfolio spans Clifton Gaslight district, Over-the-Rhine, East Walnut Hills, Camp Washington, and Covington, KY. Additionally, the company has completed multiple past projects including The Parkside, The Melindy, Crawford Lofts, Knowlton Park, and Hale Justis Lofts.

Differentiator

Problem solved

Functional benefit

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Model Group: Cincinnati-based real estate developer specializing in historic urban renovation and adaptive reuse across Over-the-Rhine and downtown Cincinnati. Directly comparable to CCP in market, product type, and historic preservation focus.
• Herman T. Loebl Realty & Development: Historic preservation and adaptive reuse developer with deep expertise in National Register and tax credit-financed renovations. Comparable to CCP's core competency in historic property redevelopment.
• Neyer Properties: Cincinnati-based developer that partnered with CCP on the 2019 $8.55M Emery Center acquisition. Comparable as a Cincinnati-focused development partner engaged in historic and urban mixed-use projects.
• The Connor Group: Ohio-based luxury apartment owner/operator with a large portfolio of Class A urban and suburban communities. Comparable as a regional multifamily operator with similar luxury positioning in walkable locations.
• Towne Properties: Cincinnati-based multifamily property owner and manager with a portfolio of urban and suburban apartment communities. Comparable as a regional residential operator serving similar Cincinnati renter demographics.

Broad incumbents

• Greystar Real Estate Partners: Largest global apartment operator and investment manager with extensive urban multifamily exposure. Comparable as a broad incumbent that competes for institutional-quality urban rental assets.
• Village Green: Large national multifamily owner-operator focused on urban Class A and B apartments, often in revitalizing historic neighborhoods. Comparable as a broad incumbent in the urban rental space CCP occupies.
• The NRP Group: Large national multifamily developer, owner, and operator with mixed-income and market-rate urban communities. Comparable as a much larger incumbent operating urban rental housing at scale.

Others

• AppFolio Property Manager: Property management SaaS platform used by CCP for rent collection, maintenance, and resident communication. Related as the technology infrastructure enabling CCP's lean 1-10 employee operating model.

Emerging players

• Zocalo Community Development: Developer specializing in historic renovation and urban infill residential projects in revitalizing neighborhoods. Comparable emerging player in the historic urban rental niche CCP occupies.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about City Center Properties