GOOD MARKET IN MULTIFAMILY RESIDENCES
Collins just sold the 88-unit Kennedy Place Townhomes off Dixie Highway for $5.85 million. The buyer was Bowling Green, Ky.-based real estate company Monticello Properties.
The sellers are Louisvillians Scott Hall, Ricky Hall and Sheila Friess, according to records from the Kentucky Secretary of State.
“They needed to diversify some of their assets, and they chose Kennedy Place because it was going to be top dollar,” Collins said. “It’s a really nice product and very well built. I think it’s been running 100 percent (occupancy) for a long time, so it makes an excellent investment.”
The apartments include granite countertops, tiled floors and wood cabinets. Some also include a private patio.
Kennedy Place Townhomes spent about four months on the market and had eight offers, Collins said, adding that there is a market for these type multifamily homes.
He expects Louisville developer Steve Poe’s three Highlands area apartment complexes to fair just as well because of their location and amenities. Cushman & Wakefield is representing Poe Companies in that sale.
But back to Kennedy Place Townhomes: New owner Jack Scheidler of Monticello Properties plans to make minor cosmetic changes to the building and its rental units.
“It is in relatively good condition,” he told IL. “In this case, it is mostly minor upgrades.”
Scheidler owns another apartment complex less than 3 miles away called Newberry Parc and said the property will be easy to manage for that reason.
As for rents, Scheidler said some residents already are paying market rate — $750 to $775 a month — but other longtime renters are below that. He expects to bring everyone in line with market rate. —Caitlin Bowling