Exclusive: Connor Group Closes $52M Kentucky Buy
The property previously traded for $45.5 million in 2019.
The Connor Group has paid $51.8 million for Hurstbourne Estates, a 270-unit luxury community in Louisville, Ky., according to Yardi Matrix information. The firm financed the purchase with a $38.2 million Freddie Mac loan issued by CBRE Capital Markets, set to mature in 2036.
Peak Capital Partners sold the property after seven years of ownership. The company obtained a nearly 14 percent premium over the asset’s 2019 sale price of $45.5 million.
Hurstbourne Estates is now the fourth Louisville community in The Connor Group’s portfolio. The firm entered the market in 2021 with the acquisition of the 500-unit Paddock at Eastpoint. The other two properties, Veranda at Norton Commons and Sawyer East End, were added in the following years.
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Steady employment growth and a slowdown in deliveries help rebalance Louisville’s multifamily fundamentals, according to a recent Marcus & Millichap report. Rising multifamily transaction activity and an increase in institutional interest is expected to further reinforce the market’s appeal.
East End neighborhood community
Hurstbourne Estates occupies a 17-acre lot at 10405 Watermark Place, in an area with multiple parks within the East End neighborhood. Downtown Louisville and the city’s international airport are both within 14 miles of the property.
The pet-friendly community comprises 17 two- and three-story buildings that came online in 2014. The unit mix includes one- to three-bedroom layouts with an average size of 1,020 square feet. Interiors include full size washers and dryers, walk-in closets, private entries and open-concept layouts.
Amenities feature a swimming pool with a sun deck, a fitness center, a lounge, a business center, a pet spa and a pet park, as well as 560 parking spots.
