10.31.2014

Multifamily Investment Opportunity: The 800 in DOWNTOWN Louisville

Here is a new opportunity to invest in the Downtown Louisville Market. For more information, or to download a full offering memorandum visit our website HERE.


The 800 Investment Highlights

Truly Outstanding Value-Add Opportunity to Purchase a High Rise Property in a Class A Location  in Downtown Louisville: The 800 represents the rare opportunity most buyers covet – a property in an outstanding, Class A location which offers the  buyer an opportunity to significantly increase value through investment in upgrades of common areas and unit interiors.
 

Large Units and Attractive Floor Plan Mix - Many With  Incredible Views of Downtown Louisville: Residential units at The 800 average just over 900 square feet. Units range in size from 760 square feet One Bedroom units to 2,100 square feet Four Bedroom units. All but 10 units offer spacious balconies and many of the units have outstanding views of the Louisville skyline. The property offers a total of 150 One Bedroom/One Bath Units, 68 Two Bedroom/Two Bath Units, 24 Three Bedroom/Two Bath Units and 4 Four Bedroom/Two Bath Units.

In Vibrant Apartment Market:
Louisville is a strong apartment market in terms of both rents and occupancies. Downtown Louisville has an average occupancy of 94% with rents averaging over $1.00 per foot. Newer or substantially renovated apartment properties in the downtown Louisville market command rental rates as high as $1.60 per foot.

Excellent Opportunity to Attract Students:
Located Less than 2 Miles North of University of Louisville Campus:  Total enrollment at UL is over 22,000 students. Nearby student oriented apartment communities currently lease for between $1.40 and $2.00 per foot. Current management has not targeted the student market. The property’s three and four bedroom units are ideal for student rental. By providing upgraded units  and enhanced amenity package, The 800 would be a very competitive and compelling student (or partially student) property.

Current Rental Rates are Well Below Competing Properties:
Average current lease rents are $.85 per foot while the competing properties average over $1.25 per foot up to $1.60 per foot. The acquisition of The 800 offers the choice of completing either a modest property update to achieve moderatly higher rental rates or complete a very substantial upgrade to  achieve significantly higher rental rates of over $1.40 per foot.

Unused First Floor Space Offers Ideal Locations for Resident Amenities and Leasing Center:
There are two large, currently vacant, previously commercial, spaces on the first floor. These would be ideal for conversion into amenities for residents such as an expanded fitness center, updated leasing center, etc.

Significant Improvements to Major Mechanical Systems Already Completed  by Current Owner:
In the past 10 years the owner has upgraded much of the mechanical systems to improve efficiency, reduce utility expenses and reduce repairs. In 2007, new A/C units were installed in every unit eliminating the central chiller system. A new gas boiler heating system and new gas hot water heaters were installed in 2004,  greatly improving the efficiency of these systems. Elevator replacement, common hallway upgrades and the addition of an interior sprinkler system have also been completed.

Ideal Location only 3 blocks from Fourth Street Live (Louisville’s Premiere Entertainment District) and Near Numerous Other Attractions Including Waterfront Park & KFC Yum! Center:
Fourth Street Live is a 350,000-square-foot entertainment and retail complex located on 4th Street just a short walk from The 800. Waterfront Park (a 72 acre riverside park), KFC Yum! Center, Main Street and  Slugger Field are all located less than 2 miles from The 800.

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