Capstone Apartment Partners is pleased to present Savannah Square and Terrace Apartments: a 1966/1970 vintage, 90-unit community in Louisville, Kentucky. The property has been impeccably maintained by local owners who have operated it continuously since 2003, and have attentively addressed ongoing maintenance and capital improvements over the years. This provides a rare, outstanding opportunity for the new buyer to significantly maximize income by focusing their efforts and capital on the interior value-add opportunity, and more immediately to dramatically increase current income with zero additional capital investment, by taking advantage of the property’s prevailing 10.8% loss to lease. A majority of the units are significantly under market, and are on leases that are month-to month or set to expire by the fall of 2022, offering an extraordinary gift for the new owners to take advantage of the tremendous built-in latent rent growth from day one. Longer term, Savannah Square and Terrace will benefit from a two-fold value-add approach: renovating unit interiors to match newer construction competition, and installing sophisticated third-party management and technology to more effectively market and operate the property. Boasting an unbeatable location in the heart of the thriving southwest of Louisville, the property is adjacent to the bustling Dixie Highway corridor, yet still on quiet residential streets surrounded only by single family homes, with no other apartments in sight. With excellent access to a wealth of job opportunities, prime retail, leisure and amenities, positive renter demographics in the submarket, and an untouched value-add opportunity, Savannah Square and Terrace presents investors with an excellent asset poised for solid rent growth for years to come.
- Significant Value-Add Upside & Rent Growth Potential
- Exceptionally Well-Maintained Asset
- Opportunity for Sophisticated Management
- High Quality Resident Base
- Unbeatable Location in the Heart of Commercial Corridor
- Residential Streets Surrounded by Single Family Homes and No Apartments
- Excellent Employment Access and Prime Retail Proximity