The Cushman & Wakefield Sunbelt Multifamily Advisory Group offered the exclusive listing of a multifamily offering of 1,460 units spanning five (5) properties in the Louisville MSA titled the Louisville 5 Portfolio. The transaction is not only one of the largest dollar volume multifamily sales in Kentucky’s history, but also one of the largest number of multifamily units sold in a single transaction in Kentucky history. The Louisville MSA was identified in July as a top US market for apartment rent growth in 2024 according to Apartments.com. The strong rent growth has made this area an ideal candidate for new investors to explore opportunities in Louisville for acquisitions.

Because of the size and scope of the portfolio, the type of buyers interested in this acquisition play the game a little differently than what we have typically seen in the Kentucky markets previously. There were several curveballs with tremendous last-minute increases in offers and large hard money deposits, by more than one buyer through multiple rounds. This made the selection process for the buyer very difficult.

Fortunately, our team was able to assist the sellers and suggest excellent negotiation advice in selecting the best fit buyer to close the deal. This sale represented MF Capital, LLC’s first property purchase in Kentucky. MF Capital is located in Michigan and their current investment portfolio includes more than 7,700 apartment units that they own and operate across the Midwest, Sunbelt and Pacific Northwest. Being new to this area our team was also able to assist MF Capital as their representative.

The new owners of the asset plan to renovate most, if not all, of the 1,460 units. At the time of sale the asset kept the look and feel of its original build date on the interiors. Minor updates have started but the new owners are planning full renovations for the 5 assets and hope to bring a more modernized look to them.