New Offering: 136-Unit, 3-Property LIHTC Portfolio in Louisville, KY

Capstone Apartment Partners is pleased to present a predominantly income restricted and government subsidized 136-unit, three-property portfolio for sale in Louisville, Kentucky. Shawnee Gardens consists of two phases: Phase I is the readapted 1915 Shawnee Elementary School converted into 47 units, and Phase II, constructed in 1999 as purpose-built apartment housing, consists of 28 low-income housing units. Of similar style, Stephen Foster was constructed in 1914 as an elementary school and has since been converted to apartments. The final property in the portfolio is a duplex on Main Street approximately 2.5 miles from Shawnee Gardens. Ownership spared no expense in the conversion and continued maintenance of the award-winning and extremely unique assets, offering prospective buyers the ability to continue the turn-key operation. With current income and senior based restrictions at Phase II and Stephen Foster, the portfolio is an opportunity to continue providing housing for the low-income population that has translated to strong, government-backed income and high occupancy.

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