274 Units Louisville, KY
SUMMARY & LOCATION Ashton Brook is a 274-unit, repositioned multifamily community in one of Louisville s nicest areas. The property recently completed a significant renovation to both the unit s interiors and common areas, spending over $17,000 per unit. Ashton Brook also provides rent upside potential, with 2nd generation leases on renovated units achieving rent premiums over original leases and recent leases renting for more than average in-place units. Louisville ASHTON BROOK SITE Number of Units 274 Rentable Square Feet 265,780 Average SF Per Unit 968 # of Apartment Buildings 24 Year Built 1979 Acreage 20.02 Density (Units Per Acre) 13.68 Property Address 1634 Crossridge Lane UNIT BREAKDOWN Type Units Unit SF Total SF 1BD/1BA 80 770 61,600 2BD/1BA 64 920 58,880 2BD/2BA 64 990 63,360 2BD/1.5BA TH 30 1,150 34,500 3BD/2BA 16 1,290 20,640 3BD/2.5BA TH 20 1,340 26,800 Total/Avgs 274 968 265,780
REPOSITIONED ASSET FOLLOWING $4.7M RENOVATION: Current ownership recently invested over $17,000/unit in massive Interior & Exterior Renovations, which include (but are not limited to): Hardwood Floors - $537,000 Granite Countertops - $243,000 Stainless Steel Appliances - $696,000 Brand New Fitness Center - $285,000 Window & Door Replacements - $449,000 Roofing & Gutters - $432,000 BEFORE 2ND GENERATION LEASING UPSIDE: 2nd generation leases on renovated units have rented on average $25-$50 higher than original leases, providing new ownership the opportunity to continue pushing rents as units turn over. FREE MONEY FROM LOSS-TO-LEASE BURNOFF: Thanks to continued Asking Rent growth, new ownership stands to gain $33 per unit in organic Loss-to-Lease burnoff. PROXIMITY TO LOUISVILLE S BEST RETAIL: Ashton Brook is ideally positioned near Louisville s premier shopping opportunities, including: Mall St. Matthews (1M SF / Dillard s, JCPenney, Forever 21, Cinemark) Oxmoor Center (960,000 SF / Dick s Sporting Goods, Macy s, Von Maur) Springhurst Towne Center (810,330 SF / Target, TJ Maxx, Old Navy, Dick s Sporting Goods, Kohl s, Meijer) Paddock Shops (367,500 SF / DSW, Ulta, Bed Bath & Beyond, Barnes & Noble, GAP) Big Box Retailers: Trader Joe s, Whole Foods, Costco, Walmart, & Best Buy AFTER PROXIMITY TO STAPLE LOUISVILLE EMPLOYERS: Ashton Brook is a convenient commute to Louisville s largest and most significant employers, including: UPS Worldport (22,400 jobs) Humana (12,500 jobs) Norton Healthcare (12,000 jobs) Ford Kentucky Truck Plant (7,990 jobs) University of Louisville (7,100 jobs) LOCAL DEMOGRAPHICS SHOW POSITIVE TREND TOWARDS RENTING: The zip code where Ashton Brook is located contains a high density of key demographic groups that show a positive trend towards renting. IMPRESSIVE HOME VALUES: Recently sold homes in the zip code range up to $1.5M, while homes in nearby neighborhoods are currently for sale up to $2.2M. Please see OM for all information.
FEATURES & AMENITIES PROPERTY Swimming Pool New Clubhouse New Fitness Center Playground Bark Park IN UNIT Newly Renovated Interiors Stainless Steel Appliances Hardwood Style Flooring New Granite Countertops New Light Fixtures French Doors and Prive Patios / Balconies Washer and Dryer Connections Plenty of Closet and Storage Space
MORE INFORMATION ON CAN BE FOUND IN THE OFFERING MEMORANDUM - PLEASE VISIT THEKIRKLANDCO.COM/LISTINGS TO FILL OUT A CA. TKC KENTUCKY TRANSACTION TEAM: William Kirkland wkirkland@thekirklandco.com 502-837-4100 Brian Devlin bdevlin@thekirklandco.com 502-837-4144 Brandon Wilson bwilson@thekirklandco.com 502-837-4100 5141 Virginia Way, STE 320 Brentwood, TN 37027 thekirklandco.com