KY Community Trades for $14M

Vazza Real Estate Group purchased the 292-unit multifamily property in Louisville, with HFF securing acquisition financing through Starwood Mortgage Capital.
Maplewood Apartments.
Maplewood Apartments. Image via Google Street View

Vazza Real Estate Group has purchased Maplewood Apartments, a 292-unit community in Louisville, Ky. According to Jefferson County records, the property traded for $14.1 million. HFF Senior Director Kristian Lichtenfels secured $10.8 million in acquisition financing through Starwood Mortgage Capital, public records show. The five-year, fixed-rate loan features two years of interest-only, followed by a 30-year amortization schedule.  

Located at 4860 Fegenbush Lane in the West Buechel neighborhood, Maplewood Apartments is close to interstates 264 and 64. The 13-acre property is roughly 12 miles southeast of downtown Louisville and 8 miles east of the Louisville International Airport. A Walmart Supercenter is within a 10-minute drive of the property and the surrounding area hosts major employers such as UPS, Humana and Yum Brands.

Completed in 1974, the community consists of 89 two-story buildings, per Yardi Matrix data, including 44 townhouses. The unit mix features one- to three-bedroom floorplans, with sizes ranging from 500 to 1,400 square feet. Common-area amenities include 12 laundry facilities, a basketball court, a playground and 420 parking spaces. Vazza intends to invest additional funds in general upgrades at the property, which was 95.8 percent occupied as of May.

A 270-unit Class A community traded a few weeks ago roughly 10 miles northeast from Maplewood. The multifamily asset commanded $45.5 million, with the buyer taking out $33.5 million in acquisition financing through Freddie Mac.