101 Colonial Oaks Ct, Louisville, KY 40214

Choose nearby businesses to show on the map:

Building Details:

101 Colonial Oaks Ct is located in Louisville, KY.

PRG Investments is pleased to serve as the exclusive listing broker for the Colonial Oaks Apartments in Louisville, KY. Colonial Oaks Apartments is a bank-owned property that is comprised of 192 total units located off of Southside Drive in Southern Jefferson County. The immediate area is a diverse neighborhood that maintains a very high demand for multi-family housing. It is located near the 1.5 million square foot Airport Industrial Center, an excellent employment hub.

The property contains 80 1BR/1BA and 112 2BR/1BA units, has strong occupancy, and has undergone a series of capital upgrades including new roofs in 2006 and 2012, a new boiler in 2010 and many renovated units. The site enjoys a welcoming courtyard style with a park-like setting and a plethora of green space. A renovated office and clubhouse is a hospitable introduction for prospective residents. The property is being professionally managed and a RUBS system is being implemented. There is clear upside and embedded value-add for a purchaser through further rent growth, cosmetic upgrades and further repositioning of the asset.

The Louisville market is ranked nationally for very strong multi-family fundamentals which provide compelling investment opportunities for the apartment sector. Colonial Oaks presents the opportunity to acquire a property on the “upswing” in a stable location that will deliver excellent yield for the long term. The owner is willing to provide excellent owner financing terms for a qualified buyer.

QUICK FACTS
192 total units (80 1BR/1BA, 112 2BR/1BA)
Total Rentable Square Footage: 136,000;
Asking Price: $5,000,000; $26,041 per unit; $36.76 psf
Cap Rate: 10.4%; Projected yield is 18.5%

INVESTMENT HIGHLIGHTS
-Located in high demand location; convenient unit mix; near employment centers
-Solid tenant base with great occupancy; upward mobility in rents; pleasant park-like setting
-Capital upgrades include certain unit renovations, newer roofs and boiler upgrades
-Excellent multi-family fundamentals in the Louisville market; current interest rate environment presents great long term yield prospects