Jeffersontown, Ky. – 29th Street Capital (29SC), a privately-held real estate operator, has acquired a Class B, 120-unit, three property multifamily portfolio located in the Jeffersontown submarket of Louisville, Kentucky. The new owner will be rebranding the apartments - currently known as Hickory Hill, Farish and Willow Creek - to Skyview Commons.
29SC plans to make improvements to unit interiors including adding upgraded appliances, granite countertops, washers and dryers, modern vinyl tile flooring and new interior paint. The firm also plans to install new windows and upgraded electrical systems. It will also improve the clubhouse, upgrade the grilling stations and outdoor seating, and add a dog park. New high-efficiency HVAC systems and more amenity space are planned as well.
“This portfolio is 29SC’s seventh acquisition in Louisville and will be a strong addition to our Louisville presence, which has now reached over 780 units,” said Josh Lindley, 29SC’s Vice President of Acquisitions in the Southeast and President of Property Management. “I am thrilled to add this asset to our existing local presence and also to implement 29SC’s in-house management platform Haven Residential.”
Skyview Commons consists of three apartment communities within a half-mile of each other. The properties sit roughly 10 miles east of downtown Louisville. Located just off Interstate 64, the apartments provide residents access to multiple job centers in and around Louisville.
“Skyview Commons is adjacent to three major employment centers: the UPS Worldport, UPS Global Operations Center and the Ford Assembly Plant,” added Lindley. “GE Appliance Park and two large hospitals are minutes away. Between the abundance of nearby jobs and the connectivity to downtown, this asset offers a great work/lifestyle balance. Current and future residents will benefit from the centralized location and connectivity to much of the nation.”
The city of Louisville, situated on the Ohio River, is the seventh-largest inland port and the 29th largest city in the nation. Less than 500 miles from nearly half of the U.S population (60% of U.S. cities), Louisville is a critical distribution center for leading logistics and manufacturing companies.
The transactions closed Thursday, August 26th. Neither the seller nor the sale price have been released.
In the last year, 29SC has acquired 20 conventional multifamily assets and over 4,000 units throughout the U.S. The firm continues to actively pursue additional opportunities.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on acquisition and development of multifamily assets. Its current portfolio consists of more than 17,000 existing units and a new construction pipeline of over 3,500 units, having acquired over 25,000 units across its 17 offices in the U.S. Learn more about 29SC at www.29thstreetcapital.com.
