Capreit Acquires Avana Southgate Apartments in Louisville

The 256-unit south-side community will undergo a partial renovation.

by Laura Calugar

Louisville, Ky.—Avana Southgate, a 256-unit apartment community in the state’s largest city, was acquired by Capreit, a national real estate development and investment company.

Avana Southgate Apartments

Avana Southgate Apartments

Located at 10960 Southgate Manor Drive, Avana Southgate consists of one- and two-bedroom apartments ranging from 680 to 1,488 square feet. The condos feature nine-foot vaulted ceilings, private balconies or patios, oversized pantries, washer and dryer connections and gas fireplaces in select homes. The residents already enjoy amenities such as a fitness center, a swimming pool, a business center, personal garages and storage areas, grilling areas, as well as tennis and basketball courts.

Capreit’s planned facelift for Avana Southgate includes upgraded stainless steel appliances, plank flooring, new cabinet fronts, two-tone paint and updated plumbing and lighting fixtures.

Avana Southgate Barbecue Yard

Avana Southgate Barbecue Yard

“It’s tough to beat the fantastic location of Avana Southgate with several local businesses in the immediate area and prime access to key destinations throughout the Louisville area. The community will serve as an excellent housing option for the many local-business employees, as well as those who commute to the airport or the downtown corridor,” Ernie Heymann, CIO of Capreit, said in a prepared statement.

The community sits in close proximity to the city’s primary roadways and within nine miles of Louisville International Airport. Avana Southgate is minutes away from Route 61 and Interstate 65, which offer expedient access to professional employment opportunities throughout the metro area. The community is also a short drive from Interstate 265, the gateway to suburbs on the east side of the city.

Churchill Downs, Kentucky Exposition Center, Quail Chase Golf Course, Southgate Shopping Center and Jefferson Mall are amongst the nearby attractions. Less than a mile east, Blue Lick Park is home to several recreational outlets, including athletic fields, running trails and picnic areas.

Capreit currently owns and operates nearly 14,000 units across the nation and it is responsible for the ownership and management of more than $5 billion of multifamily assets.

Images courtesy of Southgate Landing