Cushman & Wakefield | Commercial Kentucky Brokers Sale of 5-Property Louisville Multifamily Portfolio

LOUISVILLE, Kentucky, October 21, 2024 – Craig Collins and Austin English of Cushman & Wakefield | Commercial Kentucky, and Mike Kemether and James Wilber with Cushman & Wakefield’s Atlanta Multifamily Advisory Group, represented both the seller, Brown Capital, LLLP, and the buyer, MF Capital LLC, on the 1,460-unit Louisville portfolio sale. The properties include Boulder Creek Apartments, Eagles Eyrie Apartments, Lyndon Crossings, Devonshire Apartments and Partridge Meadows. These properties are located in Lyndon, Jeffersontown and in the Brownsboro Road/Zorn Avenue areas. The sale represents the largest transaction in the state of Kentucky this year and is also one of the largest transactions in the history of Kentucky multifamily sales.
Austin English shared, “There was incredible interest in this portfolio, with approximately 40 offers being made to acquire some, or all, of the portfolio, and our experienced local team was excited to bring the asset to market.” He went on to say, “There was a significant amount of interest in the Louisville multifamily market with such a great opportunity to invest in the city. Due to the size of this transaction, it attracted local, regional and even international attention from investment groups looking for size and the ability to scale their presence in one of the nation’s top MSA’s for rent growth.”
In an October article in CoStar, Louisville was ranked in the top five U.S. markets for annual apartment rent growth for 2024. This gives multifamily property owners in the Louisville area an edge over other larger neighboring markets like Chicago, Indianapolis, Columbus and Nashville. Because of job growth throughout the Louisville MSA, housing supply struggles to keep up with the heavy demand, and that is only likely to increase as companies like Congo Brands, Ford Motor Co., Wieland Company and others continue to expand in the Louisville MSA.