YMP Real Estate Management has acquired The Park at Hurstbourne, a 690-unit garden-style multifamily asset in Louisville, Ky., for $70.5 million, according to Yardi Matrix. The sellers, Beitel Group and The Scharf Group, realized a 26.7 percent IRR from the transaction. The partners had paid $52.9 million for the community in 2017.
The buyer assumed the outstanding balance of a $52.5 million Freddie Mac loan from 2019. The 10-year note carries a fixed, 3.99 percent interest rate.
The Park at Hurstbourne is located 15 miles southeast of downtown Louisville on 47.8 acres at 6000 Big Ben Drive in the Fern Creek neighborhood. The asset is near Bardstown Road retail corridor, 2 miles north of Interstate 265.
Built in phases between 1971 and 1974, the property comprises studio, one-, two- and three-bedroom units, with floorplans ranging from 595 to 1,700 square feet. Amenities include a fitness center, tennis and basketball courts, a swimming pool and a spa.
In September, Beitel Group purchased another asset in Louisville. The 384-unit suburban community is located 4 miles north of The Park at Hurstbourne in Jefferson, Ky.