Waypoint Sells Louisville Property for $54M
- Dec 23, 2020
JLL Capital Markets did double duty on the $54 million sale of Apex on Preston, a 312-unit luxury apartment community in Louisville, Ky., representing seller Waypoint Real Estate Investments and originating $40.7 million in financing for the buyer, The Brookview Cos.
JLL worked on behalf of the seller, a subsidiary of Waypoint Real Estate Investments. The firm had owned the property at 11602 Apex View Drive since April 2016, when it acquired it for an estimated $41.5 million from Cityscape Residential, according to Yardi Matrix. In April 2016, Waypoint had received a $31.2 million Freddie Mac loan that was due to mature in May 2024, Yardi Matrix reported. Cityscape began construction of the nearly 15-acre property in 2014 and completed the project in 2015.
The financing arranged by JLL Capital Markets for Brookview to purchase Apex on Preston is a 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The JLL Capital Markets financing was led by Director Dan Kearns. The JLL Capital Markets team representing the seller in the transaction was led by Executive Managing Director Matthew Lawton, Senior Managing Director Marty O’Connell and Senior Director Wick Kirby.
Apex on Preston has a total of 304,712 square feet and 92 percent occupancy. The apartments have one-, two- and three-bedroom floorplans with rents ranging from $1,008 to $1,583 and an average of $1,152, according to Yardi Matrix data. Apartment amenities include washers and dryers in all units, granite countertops, oversize garden tubs, high ceilings and patios or balconies. Community amenities include a car washing area, business center, courtyard, clubroom with TVs and fireplaces, outdoor lounge with grilling areas, resort-style swimming pool and a fitness center.
The property is located in South Central Louisville, close to the Preston Highway Retail Corridor, and has immediate access to Preston Highway and Interstates 265 and 65, offering connectivity to downtown Louisville and Louisville International Airport. The Louisville economy is driven by the healthcare, manufacturing, logistics and professional services industries.
Apex on Preston was part of Waypoint’s multifamily portfolio consisting of 58 properties and totaling 12,682 units across the country with a focus on the Sunbelt region.
Earlier this month, Waypoint acquired Hanover Midtown Park, a 422-unit community in Dallas, from The Hanover Co. In November, Waypoint sold a two-property, 660-unit portfolio in the Charlotte, N.C., area for a total of $121 million to Greystar.