29SC Nabs Second Louisville Community
The firm purchased Willowbrook Apartment Homes, a 112-unit property, from Mulloy Properties for $6 million.
Louisville, Ky.—29th Street Capital (29SC), a privately held real estate investment and advisory firm, recently announced the acquisition of Willowbrook Apartment Homes, its second property in Louisville, Ky. The first property 29SC purchased in the city was Clifton Ridge Apartments. According to Yardi Matrix data, the 112-unit multifamily community traded for $6 million. 29SC has set aside approximately $1.7 million to renovate the interiors and remodel the exterior of the asset.
Located 7 miles southeast of downtown Louisville, at 2106 Buechel Bank Road, Willowbrook Apartment Homes is near I-264 and Bardstown Road. Completed in 1970, the property offers 64 one-, 40 two- and eight three-bedroom units in seven two-story buildings. Amenities include a swimming pool, laundry facilities and 275 parking spaces.
“We are excited to close on our second Louisville property in less than three months and are very optimistic about this particular submarket. We continue to value the Southeast market and believe there is continued upside in Louisville and throughout the Southeast. At Willowbrook in particular, I see a tremendous amount of potential value to unlock as we execute our renovation and business plan,” said Adam Miller, 29th Street Capital’s vice president of acquisitions for the Southeast, in a prepared statement.
Interior renovations will include new kitchen appliances, cabinetry and countertops, bathroom vanity updates, new flooring, lighting upgrades and the addition of washer and dryer connections. Exterior improvements will focus on roof and parking lot repairs, courtyard enhancements, amenity improvements and landscape upgrades.
Several major employers are located in the neighborhood. The local manufacturing corridor that includes the GE Appliance factory and the Ford Assembly plant provides more than 10,700 jobs. The submarket reported a vacancy rate below 4 percent in 2016.
29th Street Capital purchased 12 multifamily assets last year. One of the most recent acquisitions was Summer Oak Apartment Homes, a 400-unit riverfront community in Jacksonville, Fla.
Images courtesy of Yardi Matrix and Thornton Communications