LOUISVILLE, KY—Capstone Apartment Partners has closed the successful sale of the Louisville Value-Add Portfolio: a 360-unit apartment portfolio spread across three communities in south Louisville, KY.
Capstone’s Adam Klenk, Luke Searcy, Austin Heithcock, Tyler Mayo, Jonathan Hawks, and Jordan Arand sold the property on behalf of Louisville-based Ables & Hall Builders. The portfolio transaction consisted of two separate buyers: TN-based and NY-based entities. Both buyers plan to modernize unit interiors, upgrade the amenity packages, and implement sophisticated in-house management practices.
“Capstone is thrilled to have closed another portfolio transaction in the Louisville MSA. All three assets were sold by the original developers and consist of unit interiors that have been virtually untouched, presenting both buyers with an incredible value-add opportunity for their investors,” said Klenk.
Built between 1991 and 1995, The Louisville Value-Add Portfolio is comprised of two-bedroom apartment homes. The communities have very little deferred maintenance and are primed for a value-add program and enhanced amenity package. The portfolio was approximately 98% occupied at the time of closing.