New Apartment Community in Louisville on the Market

Tuesday, February 13, 2018

Update: This property is no longer available for sale. To search our current real estate commercial real estate sales listings, please click here.

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Hurstbourne Estates, a 270-home, luxury, garden-style apartment community located in the desirable East End of Louisville, Kentucky. The property offers investors the opportunity to acquire spacious modern apartments; state-of-the-art community amenities and access to top area employers, schools and retail.

The community’s 17 buildings comprise a unit mix of one, two and three bedrooms that average 1,059 square feet. Completed in 2014, the apartment property for sale offers residents manicured courtyards and walking paths, controlled access, business center, resort-style swimming pool and sundeck, expansive fitness center, dog park, modern club house, community kitchen, recreation room with billiards table and barbeque and picnic areas.  Units include granite counters, shaker-style espresso cabinets, energy-efficient appliances, wood-style flooring, crown molding, in-unit washer and dryer, patio or balcony, plush carpet in living room and bedrooms, open layouts and oversized closets with built-in shelving.  Select homes provide private entrances and direct-access attached garages.

Hurstbourne Estates is located at 10405 Watermark Place with easy access to downtown Louisville and a multitude of demand drivers, including Churchhill Downs, Louisville Slugger Field, Kentucky International Convention Center, University of Louisville and the KFC Yum! Center. Louisville's small but mighty $70 billion economy is bolstered by its position in the "Urban" or "Golden Triangle" along with nearby Cincinnati and Lexington. This region constitutes 50 percent of the population, 59 percent of employment, and 54 percent of the business establishments in Kentucky. Louisville has also become recognized for a robust healthcare industry, six Fortune 1000 firm headquarters, and a blossoming new business/start-up culture.

Luxury Apartment Community for Sale Investment Highlights

  • Excellent Location:  Hurstbourne Estates is conveniently located within a 25-minute drive of the Louisville CBD, six Fortune 1000 companies and several universities and hospitals. Additionally, nearby Hurstbourne Parkway contains more than 2.45 million square feet of office space along a two-mile stretch.
  • Strong Demographics Support Top Rents:  The demographics in a one-mile radius of the apartment community for sale include an impressive $146,300 average annual household income, which is nearly double the Louisville metro area of $78,700.  
  • Superb Housing Value for Affluent East End Louisville:  Louisville’s highly desirable East End neighborhoods consist of golf-course adjacent estates, stately colonials and newly built mini-mansions. These high home values make renting a financially sensible option for many wishing to live in this sought-after Louisville market. The medium home value is $342,100 within one mile of Hurstbourne Estates, which is nearly double the metro medium, making renting a sensible option for many.
  • Outstanding Apartment Submarket:  Hurstbourne Estates is located in the Northeast Jefferson County submarket of Louisville. The submarket consists of approximately 9,700 units in 37 stabilized projects, which comprise approximately a third of the apartment inventory in Louisville. The average unit size is 1,041 SF and average year built is 1993.There is a 3.1 percent projected annual growth in effective rent in the submarket over next three years per Axiometrics.  Additionally, the submarket had 94.5 percent occupancy in third quarter of 2017 and more than 95 percent average occupancy over last five years. Hurstborne Estates, built in 2014, is among just 11 projects built in the last decade in the submarket

Hurstbourne Estates presents an investment opportunity to acquire a luxury multi-housing asset in an affluent area near top employers, schools and shopping. For more information on this commercial real estate listing or other apartment communities in Louisville, please contact Wick Kirby, Sean Fogarty, Marty O’Connell, David Gaines or Kevin Girard. For information on acquisition financing for this property, please contact Jason Bond. To view current real estate investment sales listings, please click here to view HFF’s property search page.

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