Four Mile Capital Makes 1st Kentucky Foray
- May 14, 2020
Four Mile Capital has completed the $22 million acquisition of Avalon Springs Apartments, a 141-unit property in Louisville, Ky. A partnership between two local investors sold the community, according to public records. Lincoln Property Management will oversee operations for the asset.
The purchase is the company’s first in the state. The buyer received a 10-year, $14.6 million Freddie Mac loan from Newmark Knight Frank. The note carries a fixed, 3.14 percent interest rate and five years of interest-only payments. NKF Vice Chairman Ed Belz assisted the borrower.
Located on 18 acres at 7935 Zelma Fields Ave., the community’s 18 buildings opened in 2018. The asset has 125 two-bedroom townhome units and 16 two- and three-bedroom apartments. Amenities include a swimming pool, gym, playground and dog park. The property is just north of Interstate 265 and some 15 miles southeast of downtown Louisville, less than 1 mile from the Fegenbush Lane retail corridor.
Four Mile Capital plans to further expand its southeastern footprint, focusing on markets in Kentucky, Virginia and North Carolina. Early last year, the company paid $13.9 million for a two-property portfolio totaling 234 units in Roanoke, Va.