Louisville, Ky. (January 3, 2017) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Willowbrook Apartment Homes, its second property in Louisville, Kentucky. The 120-unit multifamily community, located seven miles southeast of downtown Louisville in the West Buechel area near I-264 and Bardstown Road, offers a variety of floorplans, including one-, two- and three-bedroom units.
“We are excited to close on our second Louisville property in less than three months and are very optimistic about this particular submarket,” said Adam Miller, 29th Street Capital’s Vice President of Acquisitions for the Southeast. “We continue to value the Southeast market and believe there is continued upside in Louisville and throughout the Southeast. At Willowbrook in particular, I see a tremendous amount of potential value to unlock as we execute our renovation and business plan.”
29SC has allocated approximately $1.7 million for the renovation of the interiors and the remodeling of the exterior. Interior renovations will include new kitchen appliances, cabinetry and countertops, bathroom vanity updates, new flooring, lighting upgrades and the addition of washer and dryer connections. Exterior improvements will focus on roof and parking lot repairs, fresh paint, courtyard enhancements, amenity improvements and landscape upgrades.
The local neighborhood attracts demand from businesses on Bardstown Road, Jamestown and the local manufacturing corridor that includes the GE Appliance Factory and Ford Assembly Plant. Combined, the two plants provide more than 10,700 jobs. The submarket reported a strong vacancy below 4.0% in 2016 and market fundamentals are expected to remain strong as the greater Louisville metro area continues to improve.
Louisville is home to more than 1.3 million people, and headquarters to three Fortune 500 companies. As one of the largest inland ports in the nation, Louisville’s transportation, shipping and logistics industries benefit from its central location in the United States.
The acquisition closed December 29, 2016. The sale price of the 120-unit community was not disclosed. The property represents the firm’s second acquisition in Louisville and results in a total unit count of 200. The firm acquired Clifton Ridge Apartments in October 2016.
29th Street Capital acquired 12 multifamily assets in 2016 and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals which are below the institutional radar, with the intention of offering its investors above market returns.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of nearly 7,000 units and it has acquired over 8,500 units across its 11 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about 29SC at www.29thstreetcapital.com.