Cush & Wake Brokers Sale of 294-Unit KY Community
- Aug 28, 2017
Cushman & Wakefield’s Southeast team arranged the $25.5 million sale of Breckinridge Square, a 294-unit apartment community in Louisville, Ky. Mike Kemether, vice chairman of Cushman & Wakefield’s Atlanta office, and Craig Collins of the broker’s Louisville office worked on behalf of the seller, Stratford Asset Management Co. RealSource Properties acquired the property. According to Yardi Matrix data, the sale was supplemented by a $26.3 million acquisition and development loan from Bridge Investment Group.
Located at 203 Breckinridge Square, the asset is within a 20-minute drive of downtown Louisville and provides easy access to interstates 264 and 64. Breckinridge Square is situated within six miles of some of the largest employers in the city, including GE Appliance Park, UPS and Ford’s Assembly Plants. The unit mix consists of 112 one-, 142 two- and 43 three-bedroom apartments ranging from 800 to 1,550 square feet.
- a fitness center
- a clubhouse
- a swimming pool
- six laundry facilities
- 365 parking spaces
Built in 1972, the 19-building asset will soon undergo a renovation process. “Because the property is located in the desirable sub-market of St. Mathews, the buyer projects substantial rental growth after a full renovation to take advantage of the expansion of Louisville’s largest suburban medical complex just a half mile from the front door of Breckinridge Square,” said Collins, in prepared remarks.
Cushman & Wakefield’s Southeast Multifamily Advisory Group closed $2 billion in sales volume this year, totaling more than 130 deals and approximately 25,000 units.
Images courtesy of Yardi Matrix