Rosewood Realty Group announced the $230 million sale of a 1,246-unit multifamily portfolio in southeast Louisville, Kentucky.
Rosewood’s President of National Sales Jonathan Brody and senior broker Jay Weiner represented both the buyer, Stoneweg US, a St. Petersburg, Fla.-based developer and the seller, Lifestyles Communities, a Columbus, Ohio-based developer.
The properties include Middletown Landing at 700 Landis Ridge Drive, a 500,000 sq. ft. complex of 33 three-story walk-up buildings with 646 units. The development, built in 2014, features a clubhouse, pool and fitness center.
The other development, Mallard Crossing at St. Matthews at 400 Mallard Creek Road in Saint Matthews, Kentucky is a complex of 51 two story walkup buildings with 600 units. The 744,752 sq. ft. development also has a pool, fitness center, tennis court and clubhouse. It was built in 1988.
Both buildings are located in the southeast Jefferson County, a submarket of Louisville. They sold for a 4.4% blended cap rate, at $184,000 per unit. ”
St. Matthews, built in the late 1980’s had a clear value-add play giving the buyer, Stoneweg the ability to not only increase rents, but enhance better living for the tenants,” said Rosewood’s Jonathan Brody. ” Middletown, built in 2014 has strong cash flow and with little to no deferred maintenance giving Stoneweg a turn-key property.”
Added, Weiner, “This deal is a perfect illustration of Rosewood’s ability to execute in the off-market space between two big institutionalized and well capitalized groups and represents Rosewood’s largest sale to date this year.”
“We have successfully closed over two billion in sales this year and we are poised for a strong 2022 as the sales market continues to heat up locally and nationally,” said Rosewood Realty’s Founder Aaron Jungreis. “The rental market still has growth potential and identifying hidden gems is one of our strengths.”
This sale represents the 80th closed transaction this year for Rosewood, the New York City-based commercial real estate investment sales firm that is continuing to close deals in New York City and throughout the country in Pennsylvania, Texas, Florida, North Carolina, Georgia, Kentucky and other states.
