Maple Valley Apartment Complex

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30786265
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 64 Units
Building Size (RSF): 57,730 SF
Gross Building Area: See Agent
Sale Price: $5,500,000
Unit Price: $85,937.50 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/14/2022

Overview / Comments

Maple Valley Apartments is a 64-unit, professionally managed, workforce housing opportunity in South Louisville. The property is in a high demand, stable, yet growing submarket. It is comprised of a mixture of 2 and 3 bedroom units and has been successfully operated as an affordable housing property under the LIHTC program for many years. Ownership has recently taken the property from 50% to 60% AMI. The present requirements expire in 2031.

Since purchase, the ownership has invested in several capital upgrades including over 40 unit renovations, deck repairs, rebranding and office remodeling.

Rents remain below market, and there is immediate upside available. The property is separately metered for gas and electric, and while owner pays for these utilities, further upside can be realized by moving this to the tenant’s responsibility.

The surrounding area is ideal for such a property. It sits in a quiet setting adjacent to an elementary school and is in very immediate proximity to the GE Appliance Park- one of the largest appliance plants in the US and one of Louisville’s largest employers. Further investment and job growth continues at the facility. It is also close to other major employers including UPS World Hub. There is continued commercial and residential development nearby that includes new industrial and single family.

This truly rare opportunity allows a buyer to invest in a high demand asset with upside, while enjoying the benefit of a proven location for workforce housing.

:: Address: 5809 Russett Place & 5708 Revere Place
:: Units: 64 units (32 2BR/1BA & 32 3BR/1BA)
:: Mechanicals: Gas forced-air furnaces/Central air
:: Metering: Separate LG & E (owner pays)

For more information, please complete the Confidentiality Agreement here: https://forms.gle/v4qRyCdaRT8HqzBVA

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 094901280002
Zoning: R-7 - Residential Multi-Family District
Property Condition: Good

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,631 97,593 262,181
Median Age: 31.56 37.82 37.97
Households: 5,967 40,596 111,092

Contact

Photograph of Listing Agent

Taylor M Thompson

PRG Commercial Property Advisors
KCREA Member
Photograph of Listing Agent

Reed B Weinberg

PRG Commercial Property Advisors
KCREA Member
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