KY Community Trades for $14M
- Jun 26, 2019
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.