Description
Marcus & Millichap is pleased to present Villas of Pine Valley, a 60-unit apartment complex in Elizabethtown located on the 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 bustling market.
Loss-to-lease burn off
Ownership has raised rents $25 every quarter the past 2 years providing on average a $125 monthly rental premium compared to in-place leases. This provides an opportunity for an incoming investor to burn off the loss-to-lease via lease renewals.
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 |
| City: | Elizabethtown |
| State: | Kentucky |
| Zip Code: | 42701 |
| Year Built: | 1988 |