University of Louisville Student Housing Opportunity

Multi-Family for Sale
Catylist Listing ID: 30250949
Property Subtypes: High-Rise, Mid-Rise, Student Housing, Other
Number of Units: 47 Units
Building Size (RSF): 47,269 SF
Gross Building Area: 90,000 SF
Gross Land Area: 2.47 Acres
Sale Price: $6,900,000
Unit Price: $146,808.51 Per Unit
Property Use Type: Investment
Building Name: Reynolds Lofts
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/12/2018

Overview / Comments

Unique student housing ownership opportunity at the University of Louisville. This is an opportunity to control one of the most prominent student housing and multifamily assets with majority rights of the condo association. Qualified buyers will acquire 47 units within Reynolds Lofts, located at the southwest corner of campus at the corner of 3rd Street and Eastern Parkway near the highly respected JB Speed School of Engineering. There are 70 total units on site.

Over the last decade and a half, the University of Louisville has transformed from a largely commuter school to a thriving public higher-education epicenter with a boom in student housing development and other on campus amenities. University capital construction projects of recent have reached nearly $350 million including but not limited to a new state of the art Student Recreation Center, world class research centers, new soccer stadium, expansions to both the baseball and football stadiums, extensive renovations to the Speed Center Museum, an extensive MSD and road project completed, as well as new student housing developments such as "The Grove" and "The Clubhouse." The Kentucky Economic Development Finance Authority recently approved the TIF related to the MSD and Road project, paving the way for what could be an estimated $1 billion over 30 years. Private investment around campus has been extremely healthy as well in prominent student housing developments such as "The Retreat at Louisville Cottages," and "The Arch Apartments," "The Province," "The Bellamy," and more.

The Reynolds Building, built in 1915, by industrial architect Albert Kahn, started out as a Ford Motor Co. Model T production line. Kahn is known throughout the world for his industrial designs of the early 20th century. In 1940, Reynolds Metals bought the facility, first using it to make aircraft parts in World War II and later using it as a national sales office. When Reynolds left Louisville in 1958, it gave the building to U of L. The building is made of reinforced concrete in a method known as flat-slab construction, covered in bricks and has horizontal lines and an irregular shape. Brick work and terra cotta decorate its surface. It has been called a textbook example of early industrial architecture. In 2008, the building was renovated in a nearly $8 million project to become the Reynolds Lofts.

Reynolds Lofts presents a student housing or otherwise flexible real estate opportunity which rarely presents itself. This asset could have a multitude of future uses uses of tremendous value to this university.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 050C00220000
Zoning: EZ-1 - Enterprise Zone District
Percent Occupied: 87%
Community Amenities: On-Site Maintenance
Property Located Between: Third and Fourth Streets perpendicular to Eastern Parkway
Highway Access: I-65, I-264, I-71, I-64
Airports: Louisville International Airport
Site Description: The Reynolds Lofts is steeped in history, providing a facility for both Ford Motor Company and Reynolds Aluminum a launchpad for growth. Ford Motor Company began it Louisville operations in 1913 with 17 employees in a shop at 931 South Third Street near Breckinridge. An average of 12 cars were built in a day. It wasn’t an official factory then, but a “branch agency,” the forebear of today’s vehicle dealerships. Model Ts were made in Detroit, but the cars were shipped partially assembled in crates. Once the crates arrived in Louisville, workers assembled them and sold them at the branch agency. In less than a year, with business booming in Louisville, the company acquired two adjacent buildings at 933 South Third for expansion. A new four story assembly plant at Third & Eastern Parkway opened in 1916, which is now the site of Reynolds Lofts. Designed by Albert Kahn (March 21, 1869 – December 8, 1942), the foremost American industrial architect of his day and is sometimes called the "architect of Detroit", this site was the home of Ford’s production of the Model T for 9 years. Kahn is known throughout the world for his industrial designs of the early 20th century. In 1925 Ford moved production to a new, one level assembly plant on Southwestern Parkway, on the Ohio River. The Louisville Assembly Plant on Fern Valley Road opened in 1955. Founded in Louisville, KY, in 1919, Reynolds Metals experienced rapid growth from its inception. Needing more production space for its aluminum products, Reynolds Metals, acquired in 1939, this Ford plant located at 3rd & Eastern Parkway. In 1940, Reynolds Metals bought the facility, first using it to make aircraft parts in World War II and later using it as a national sales office. When Reynolds left Louisville in 1958, it gave the building to U of L. For years, the university used the facility for classrooms, offices and storage but had to move out in the early 1990s because of the building’s deteriorating condition. In 2006, Rob McGoodwin, of the McGoodwin Company, acquired and rehabbed the building creating 77 condominiums loft apartments. Reynolds Building Timeline 1915. Detroit architect Albert Kahn designs the facility as a Ford Motor Co. assembly plant. Early auto plants were dirty, cramped, dark and inefficient; Kahn’s design took into account what the workers did and where their materials should be placed to speed the workflow. The building is made of reinforced concrete in a method known as flat-slab construction, covered in bricks and has horizontal lines and an irregular shape. Brick work and terra cotta decorate its surface. It has been called a textbook example of early industrial architecture. 1924. Ford moves its plant to southwestern Louisville. 1940. Ford sells the building to Reynolds Metals, which is expanding operations in Louisville.Reynolds uses the building to make aluminum airplane parts during World War II and later converts it to a national sales office. Several rounds of remodeling include the addition of aluminum windows and awnings and installation new elevators with aluminum doors embossed with the Reynolds corporate logo. Most of the original entrances on the east side are filled in with glass block. 1958. Reynolds moves its sales headquarters from Louisville to Richmond, Va., and gives the building to the University of Louisville. Early 1990s. U of L ceases to use the facility for classrooms, office space and storage after many years because of the building’s deteriorating condition. November 2003. The U of L Board of Trustees authorizes President James Ramsey to take appropriate action to sell or lease the property. Late July, 2005. U of L signs an agreement with The McGoodwin Co. to convert the building into The Reynolds Lofts.
Area Description: Situated at the southwest corner of the University of Louisville directly across 3rd street from the JB Speed School of Engineering and Belknap Research Park. Reynolds Lofts also sits to the east of the newly constructed 252 unit community "The Arch Apartments."
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 4
Year Built: 1915
Year Renovated: 2008
Roof Type: Flat
Construction/Siding: Brick
Parking Ratio: 2.5 (per 1000 SF)
Parking Type: Surface
Parking Description: The site includes substantial 180 space off street surface parking for residents.
Total Parking Spaces: 180
Freight Elevators: 1
Sprinklers: Wet, To Suit
Heat Source: Baseboard, Central
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Reynolds Lofts offers a wide range of loft spaces with open floor plans, exposed columns, polished concrete floors, industrial windows, and private bathrooms. Units are configured in studio, 1 bedroom / 1 bath and 2 bedroom / 2 bath layouts with massive floor-to-ceiling industrial windows in most units.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,581 149,262 302,412
Median Age: 29.8 35.57 36.77
Households: 6,716 65,310 129,801
© Copyright 2001-2018 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Kentucky Commercial Real Estate Alliance nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.