101 Colonial Oaks Ct, Louisville, KY 40214

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Building Details:

PRG Investments is pleased to serve as the exclusive listing broker for the Colonial Oaks Apartments in Louisville, KY. Colonial Oaks Apartments is a bank-owned property that is comprised of 192 total units located off of Southside Drive in Southern Jefferson County. The immediate area is a diverse neighborhood that maintains a very high demand for multi-family housing. It is located near the 1.5 million square foot Airport Industrial Center, an excellent employment hub.

The property contains 80 1BR/1BA and 112 2BR/1BA units, has strong occupancy, and has undergone a series of capital upgrades including new roofs in 2006 and 2012, a new boiler in 2010 and many renovated units. The site enjoys a welcoming courtyard style with a park-like setting and a plethora of green space. A renovated office and clubhouse is a hospitable introduction for prospective residents. The property is being professionally managed and a RUBS system is being implemented. There is clear upside and embedded value-add for a purchaser through further rent growth, cosmetic upgrades and further repositioning of the asset.

The Louisville market is ranked nationally for very strong multi-family fundamentals which provide compelling investment opportunities for the apartment sector. Colonial Oaks presents the opportunity to acquire a property on the “upswing” in a stable location that will deliver excellent yield for the long term. The owner is willing to provide excellent owner financing terms for a qualified buyer.

QUICK FACTS
192 total units (80 1BR/1BA, 112 2BR/1BA)
Total Rentable Square Footage: 136,000;
Asking Price: $5,000,000; $26,041 per unit; $36.76 psf
Cap Rate: 10.4%; Projected yield is 18.5%

INVESTMENT HIGHLIGHTS
-Located in high demand location; convenient unit mix; near employment centers
-Solid tenant base with great occupancy; upward mobility in rents; pleasant park-like setting
-Capital upgrades include certain unit renovations, newer roofs and boiler upgrades
-Excellent multi-family fundamentals in the Louisville market; current interest rate environment presents great long term yield prospects