100 E Southland Blvd, Louisville, KY 40214

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Building Details:

100 E Southland Blvd is located in Louisville, KY.

PRG Investments is pleased to serve as the exclusive listing broker for Kingston Park Apartments in Louisville, KY. Kingston Park is a bank-owned asset that presents one of the region’s most unique multi-family investment opportunities in recent years. The property is located in a diverse area that maintains a strong demand for rental housing. It is immediately adjacent to the 1.5 million square foot Airport Industrial Center, a major employment base. The property contains 622 units that are 2 BR/1BA. All units are separately metered for gas and electric, and tenants pay for these services.

This asset presents a pure value-add opportunity, with 105 of the units currently off-line and in need of various levels of rehabilitation. It is a truly unique complex where a new owner, after rehabilitation with minimum quality and cost, will become the major provider of quality work-force housing in South Louisville. The solid, 1940’s era construction contains all brick, well-constructed buildings with mostly hardwood flooring throughout. The majority of the windows have been replaced with aluminum, thermal pane windows. The property contains tremendous upside in the rental rates, which a buyer would experience from both the down units, vacant units, and the rollover of existing leases. The Louisville market is enjoying excellent multi-family fundamentals that rival most other larger market cities in the nation. Kingston Park presents the opportunity to rebrand and re-position a property in a stable location, which will in turn attract tenants from the large pool of the population seeking affordable and modest, yet quality, housing. The owner is willing to provide excellent financing terms to a qualified buyer.

QUICK FACTS
Address: 100 East Southland Blvd., Louisville, KY 40214
622 total units (620 2 BR/1BA units; 2 2BR/2BA townhome units)
Total Rentable Square Footage: 405,700
Construction: 66 all brick buildings; 1948 construction
Site Size: 28.81 acres
Asking Price: $11,750,000 ($18,890 per unit)

INVESTMENT HIGHLIGHTS
-Located in high demand location; large economies of scale for a buyer
-Enormous upside potential with down and vacant units; clear upward mobility in rents
-Solid, sturdy construction with all brick buildings; majority of windows replaced
-Excellent multi-family fundamentals in the Louisville market.