Louisville, KY—Capstone Companies has facilitated the $4.35 million sale of a 136-unit, LIHTC asset in the West End neighborhood of Louisville, KY. This one-of-a-kind asset was built in 1915 as an elementary school and was added to the National Register of Historic Places in 1984. Capstone’s Adam Klenk led the transaction team on behalf of the long-term owner who acquired the property over 30 years ago and converted the building into low-income apartment housing.

Previous ownership completed a $4.9 million renovation consisting of interior remodel, modernizing the property’s mechanics, repairing or replacing windows, extensive masonry work, and replacing the structure’s roof. With much of the high-cost capital needs completed and current income restrictions in place, new ownership has inherited a quality asset with the ability to continue offering much needed high-quality affordable housing to the Louisville community.

“The Capstone team is thrilled to reach a successful closing with two trusted and long-standing clients after years of navigating such a complex transaction. We look forward to working together on other transactions in the near future,” said Klenk, managing director of Capstone’s Nashville-based brokerage team.

Shawnee Gardens consists of 136 one-, two-, and three-bedroom units that were 95% occupied at time of closing.