CBRE Facilitates Sale of 540-Unit KY Community

Shamrock Communities sold Mallgate of St. Matthews to Sundance Bay for $42.5 million. CBRE's Steve LaMotte, Dane Wilson, Bryan Flaherty and Eric Nelson represented the seller.

The Mallgate of St. Matthews in Louisville, Ky.
The Mallgate of St. Matthews in Louisville, Ky.

CBRE has arranged the sale of Mallgate of St. Matthews, a 540-unit property in Louisville, Ky. The property traded for $42.5 million. Sundance Bay purchased the 23-building asset from Shamrock Communities. CBRE’s Central Midwest Multifamily team led by Steve LaMotte and Dane Wilson, together with Bryan Flaherty and Eric Nelson, represented the seller in the transaction. According to Yardi Matrix data, the property last traded back in 2011 for $15.9 million.  

Located at 514 Brightwood Place, Mallgate is near the junction between interstates 64 and 264 and provides easy access to nearby medical centers such as Norton Women’s and Children’s Hospital. Downtown Louisville is within a 17-minute drive. The unit mix includes 48 studios, 148 one-, 284 two- and 60 three-bedroom apartments, ranging in size from 568 to 1,442 square feet. Built in 1969, the property features:

  • a fitness center
  • business center
  • playground
  • basketball court
  • swimming pool
  • 1,050 parking spaces

“Mallgate was competitively bid by a diverse group of both institutional and private capital sources due to the rare opportunity to invest in Louisville’s highly coveted St. Matthews submarket,” said LaMotte, in a prepared statement. LaMotte and his team recently secured the sale and recapitalization of a portfolio that includes 1,803 multifamily units across nine communities, for $320.5 million. The assets are located in Indianapolis, Memphis, Tenn., Oklahoma City and Cincinnati.

Image courtesy of CBRE