29SC Recapitalizes 434-unit Louisville Property in 8th Louisville Metro Transaction

22 June 2022

Louisville, Ky. - Privately held real estate investment firm 29th Street Capital (29SC) has recapitalized Waterside at RiverPark Place (RPP). This marks the firm’s 8th multifamily transaction in the Louisville Metro area.

 

RPP, a 434-unit, Class A- property was completed in phases, with Phase I being built in 2013, Phase II in 2015, and Phase III in 2019.

 

The community boasts modern finishes and amenities, including 2 outdoor, resort-style pools, three 24-hour fitness centers, grilling stations with seating areas, a sand volleyball court, Waterside Wellness Studio, reserved parking garage with electric car charging stations, and dry cleaning pick up. While the interior features of the properties are modern and sleek, 29SC does plan to make further renovations which will include new paint, kitchen backsplashes, and updated cabinetry and fixtures. Scheduled exterior improvements include landscaping upgrades, common hall upgrades, and a parking garage gate. These plans for upgrades coupled with the attractive features of the property such as granite countertops, stainless steel appliances, private patios or balconies with storage, floor to ceiling windows, panoramic river and downtown views, oversized walk-in closets, and full-size washer and dryers are signature to the 29SC living standard.

 

29SC’s in-house property management company, Haven Residential (HR) will oversee management and leasing. HR oversees upwards of 15,000 units and is headquartered in Louisville.

 

“Waterside at RiverPark Place is an exciting addition for our team at 29th Street Capital,” said Josh Lindley, Vice President of Acquisitions of the Midwest Region for 29SC & local to Louisville. “It’s sleek, modern, and the location is one of a kind, there are no other comparable assets in our market. Waterside offers our residents an incredibly convenient location, a short walk to Waterfront Wednesday/Big Four Bridge or cross the street to catch Lou City Football Club match, take a bike ride on the Louisville Loop—this asset offer’s our residents the premier opportunity to experience our wonderful city.”

 

The property is located in the Waterfront Park district within downtown Louisville. The city is home to ten Fortune 500 companies, three of which are headquartered in the CBD. With twenty-plus employers in the healthcare sector, Louisville is at the forefront of the nation’s healthcare trends and is home to the largest cluster of aging care businesses in the country. Nationally recognized Fortune 500 companies Humana and Kindred Healthcare are headquartered in Louisville and employ a steady stream of IT and healthcare professionals in high-paying positions. Yum! Brands (Fortune 500), one of the world’s largest restaurant holding companies, is also headquartered in Louisville. These employers’ presence in Greater Louisville brings stable demand for apartment housing and is an immeasurable economic driver for the success of the multifamily market. Building upon the city’s healthcare, research and life sciences industries, the University of Louisville Foundation initiated a project to foster economic development and innovation for Louisville’s downtown community, called Nucleus Innovation Park, a nine-acre urban life science research park located along the eastern edge of downtown Louisville and just a few minutes from RPP.

 

The transaction closed on Friday, May 20th, 2022. The sale price and seller were not disclosed.

 

In the last year, 29SC has acquired over 30 multifamily assets across the United States that contain over 7,600 units. The firm continues to actively pursue new opportunities.

 

Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 17,000 existing units and a development pipeline of over 3,500 units. Learn more about 29SC at www.29sc.com.