Villas of Pine Valley

  • Price: $Market Bid
  • Address:

    1000-1200 Pine Valley Drive
    Elizabethtown, Kentucky 42701

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Marcus & Millichap is pleased to present Villas of Pine Valley, a 60-unit apartment complex in Elizabethtown located on Heartland Golf Course with scenic views. The market of Elizabethtown has been exploding, with 1,000s of jobs set to deliver, providing an excellent opportunity for an incoming investor to take advantage of the rental growth and value add opportunities this deal provides.

Loss-to-lease burn off

Ownership has raised rents by $25 every quarter this year bringing over $75 premium compared to in-place leases. With over 50% of the residents on MTM tenancy, this provides a great opportunity to increase rents day 1.

Value-Add Opportunity: Unit Upgrades

The new owner can take advantage of the value add opportunity and remodel these apartments with granite countertops, stainless appliance, modern light fixtures, providing an estimated $142 monthly premium on rents, capturing over a 20% ROI on unit upgrades.

Increase Other Income

The Villas of Pine Valley other income fees are minimum for a property of this size. A new owner could charge for covered parking, implement a washer/dryer rental program, and charge pet rent, generating over $37,900 in Other Income to further boost NOI.

Superior Economic Fundamentals

Villas of Pine Valley is home to a diverse set of economic drivers and a bustling expansion in the local market. BlueOval, Ford’s SK battery manufacturing plant, is slated to bring 5,000 new jobs to Glendale, KY. Furthermore, Elizabethtown has 80+ manufacturing plants with over 9,200 employees, the leading plants are: Akebono Breake (1,300 employees), Metalsa Structural Products (1,700 employees), and Aletec industries (700 employees) according to Costar.

Proven Rent Growth

The Elizabethtown-Fort Knox Submarket has seen unprecedented rent growth in recent months with a trailing 12-month rent growth averaging 16.7% YOY.

Louisville’s Bedroom Community

Elizabethtown is Louisville’s bedroom community with a 45 minute drive to KY’s largest city. The i65 corridor between Louisville and Elizabethtown is growing rapidly with an array of new production and manufacturing facilities expanding such as a $60MM Jim Bean visiting center and $41MM Walmart ecommerce fulfillment center slated for 2022.

Listing Details

Price:$Market Bid
Address:1000-1200 Pine Valley Drive
Zip Code:42701
Year Built:1988

Location Map

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