Inland Trades KY Apartments for $46M
- Jun 13, 2019
Peak Capital Partners has purchased Hurstbourne Estates, a 270-unit luxury multifamily asset in Louisville, Ky., for $45.5 million from Inland Private Capital Corp. Berkadia originated $33.5 million in acquisition financing through Freddie Mac, according to Jefferson County records. The mortgage matures after 10 years. Inland had acquired the asset from Watermark Residential in June 2014 for $37.3 million.
Located at 10405 Watermark Place in the Douglas Hills/Lyndon submarket, the Class A property is 12 miles east of downtown Louisville, accessible via U.S. Highway 60 and Interstate 64. Some 1.7 million square feet of office space is positioned within a mile of the community, per data from Yardi Matrix, including UPS Air Group’s headquarters and Quarry Capital’s Class A, 524,035-square-foot Forest Green Office Park.
Built in 2014, Hurstbourne Estates’ 17 two- and three-story buildings contain one-, two- and three-bedroom apartments, with floorplans between 663 and 1,465 square feet. Community amenities include a dog park, a media room, recycling services and a sundeck. At the time of the sale, the asset was 95.2 percent occupied.
Inland has been active throughout the country with dispositions this year, trading in excess of 2,000 units, per Yardi Matrix data. In March, the firm sold a 370-unit community south of Houston to Goldman Sachs Asset Management Private Real Estate.