PAC Lands 242-Unit Louisville Community

The company financed the acquisition by assuming a mortgage loan insured by the U.S. Department of Housing and Urban Development.

clairborne-crossing-images-41Maryland-based Preferred Apartment Communities recently purchased Claiborne Crossing, a 242-unit, Class A multifamily community in Louisville, Ky. The acquisition was possible through a wholly-owned subsidiary and financed by assuming HUD debt. The remaining principal balance on the HUD loan is approximately $27.1 million, bears interest at a fixed rate of 3.34 percent per annum and has approximately 37 years of term remaining. According to Yardi Matrix data, Burlington Capital Group is the former owner of the property.

Located at 14601 Pulpit Drive, the community is just off Bush Farm Road on the east side of Louisville, Ky. Claiborne Crossing provides convenient access to Interstate 265 and allows an easy commute to downtown Louisville, as well as access to Jeffersontown, Shelbyville, La Grange and Frankfort, Ky. The 19-building asset is close to public schools including Stopher Elementary, Crosby Middle School and Eastern High School. Claiborne Crossing has 18 carriage houses, 48 one-, 128 two- and 48 three-bedroom units. The property features a fitness center, a business center, clubhouse, playground, swimming pool and 554 parking spaces.

“Claiborne Crossing is an exceptional Class A multifamily community located in a highly desirable submarket of Louisville,” said PAC Chairman & Chief Executive Officer John Williams, in a prepared statement.

One month ago, PAC also acquired Founders Village, a newly constructed 247-unit Class A community in Williamsburg, Va.

Images courtesy of Claiborne Crossing website