Passco Buys Newly Developed Apartments in Metro Louisville
- Aug 02, 2016
Prospect, Ky.—Passco Companies has acquired The Veranda, a 236-unit multifamily property in the Norton Commons master-planned community in Prospect, Ky., a submarket of the Louisville MSA. The company paid $50.4 million for the property, which is at 9506 Civic Way.
Passco acquired the apartments from Bristol Development, which specializes in developing multifamily properties. Cushman & Wakefield’s Louisville and Atlanta offices represented Bristol Development in the sale of the property, while Craig Collins in the Louisville office and Mike Kemether in the Atlanta office were the selling brokers.
Constructed in 2015, The Veranda features more than 20 different floorplans and a series of unit upgrades for both established families and younger members of the Millennial generation. Units include wood flooring, kitchens with granite countertops, stainless steel appliances, ceramic tile backsplash and custom cabinetry.
The Louisville MSA is experiencing rapid economic growth, resulting in strong demand for multifamily throughout the region, according to Colin Gillis, vice president, acquisitions—Southeast at Passco Companies. “The demographic profile at The Veranda is one of the most impressive we have ever seen,” he said.
“The region continues to demonstrate strong employment growth, high average income levels, and a highly educated workforce,” Gillis noted. “Market fundamentals are extremely strong, and will drive continued demand for the asset over time.”