Halsey Flats has been completely renovated with current ownership spending approximately $29,000 per unit in interior and exterior renovations. This provides a rare turn-key opportunity with little-to-no capex needed.
PROVEN RENT GROWTH
New construction rents in the competitive set boast an average of $1,332, $1,916, and 2,507 per month for 1-, 2-, and 3-bedroom rents respectively. This provides an excellent opportunity for an investor to implement a rental increase strategy and draft rents in the immediate submarket staying well below the top of market rents ($485 per month on avg below top-of-market rents). This strategy provides an affordable option to residents while further boosting NOI for incoming ownership.
HARD TO FIND| HIGH DEMAND ASSET
Properties of this size do not trade often in this market. In past 5 years, only four 500+ unit multifamily properties have traded in Louisville. Furthermore, even with apartment inventory expanding 13% over the past 5 years, absorption in Louisville is hitting record highs as the city recovers from the pandemic. The strong demand for high-end units, and downward trending vacancy has Halsey Flats poised for growth in one of Louisville’s best performing submarkets.
Louisville has experienced strong rental growth in the past 12 month’s largely driven by strong economic fundamentals and pent-up demand from Covid. The metro recorded a net gain of 22,400 jobs as the market recovers from Covid, expanding the employment base by 3.5%.
The top industries in Louisville’s employment sector are Trade & Transportation (23.3%), Education & Health (14.6%), Manufacturing (12.4%), and Professional Services (12.1%). Some of the largest employers in the area include Yum! Brands, Kindred Healthcare, Humana, and Ford. It is also home to UPS Worldport, the world’s largest package handling facility.
|Address:||514 Brightwood Place|
|Year Built:||1968 / 2020|