Oakley’s long-dormant industrial pocket at Three Oaks is getting a serious residential jolt, as Neyer Properties has enlisted Columbus-based CASTO to take on the apartment phase of the project. That piece of the master plan is expected to bring roughly 390 apartments and about $120 million in new housing to the neighborhood, as part of a larger, roughly $300 million effort to convert the site into housing, senior living and amenity space. Portions of the campus are already under construction as Neyer rolls the project out in phases.
According to the Cincinnati Business Journal, Neyer tapped CASTO as its partner on the multifamily component, with the outlet pegging the apartment phase at around $120 million and roughly 390 units and putting the overall Three Oaks investment at about $300 million. The Business Journal describes the partnership as a way to bring an experienced multifamily operator into the mix to oversee planning, financing and construction of the apartment buildings.
Plan details and site
Per the City of Cincinnati Planning and Engagement, Three Oaks is anchored at 2800 Robertson Avenue. The city filings include a Final Development Plan for a northwest parcel that would feature two four-story buildings with 207 units and a clubhouse. The same set of documents lays out a major amendment to increase the allowable square footage of an already approved senior-housing building so it can accommodate structured parking, underscoring that the campus is being carved into multiple, distinct pieces that move on their own timelines.
Project progress and context
Neyer’s own project materials show that other slices of Three Oaks are already moving. Foundry Park single-family homes are under construction, and specialized elements such as Torque Motor Suites have also broken ground on the site, according to Neyer Properties. Those updates highlight a phased strategy that weaves new housing and amenities into Oakley while work continues on infrastructure and pedestrian links tying the project back to nearby Oakley Station.
Casto’s track record
CASTO is a regional multifamily developer with an existing relationship with Neyer, including their prior collaboration on the adaptive-reuse Baldwin Apartments conversion in Walnut Hills, a project CASTO has spotlighted in its own press materials. That shared history gives the partners a tested working dynamic as they head into a larger, purpose-built multifamily phase at Three Oaks, where tight construction sequencing and day-to-day management experience will be central to keeping the schedule on track…