IRR-Louisville Mid-Year Viewpoint 2015 Local Market Report - Multifamily
With rents high and overall vacancy under 5%, the local multi-family market remains in expansion mode. In the urban sector, residential units have been added through both new construction and redevelopment. The 218-unit Barrington Place tower, which sold in September 2014, is in the midst of a full-building renovation. A few blocks away, The 800, a 246-unit tower, is likely to be sold this year. The prospective buyer, Village Green (Detroit, Mi.), also plans a total overhaul of the building. In the burgeoning NuLu neighborhood, the newly-built 310 at NuLu has added 173 units to the market.
The Ice House Lofts renovation is finally underway, with 29 one- and two-bedroom units planned. The successful WaterSide at River Park Place is now in its second phase of apartments, with plans to add a restaurant within the waterfront development. Bristol Development Group (Nashville, Tn.) is moving ahead with plans to build a $48MM, 260-unit condo and apartment complex in Butchertown. Located in a former cotton mill, the Germantown Mill Lofts, slated to open in early 2016, will add 184 units to the eponymous neighborhood near downtown.
AMP Apartments on Frankfort Avenue is quickly coming to life as Milhaus Development (Indianapolis, In.) hopes to open the 93-unit building by year’s end. In the South End, renovation is underway on the 642-unit Kingston Park Apartments, to be renamed Heritage Green. Also, Ashby Green is adding 112 units to its existing 132, proving a Class A complex in southwest Louisville is feasible. In the East End, Hagan Properties plans to build 356 units over two phases near E. P. Tom Sawyer Park. Concurrently, Hagan also plans to build 468 units over two phases in the Blankenbaker Parkway area. Further north, Veranda at Norton Commons, a 236-unit complex, is nearly complete and offers Class A finishes throughout.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.