Marcus & Millichap Inc.
Marcus & Millichap Inc.
10/10/2024 | Press release | Distributed by Public on 10/10/2024 16:05
Marcus & Millichap Arranges $6.9M Sale of 100-Unit Multifamily Property in Louisville
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Marcus & Millichap Arranges $6.9M Sale of 100-Unit Multifamily Property in Louisville
October 10, 2024
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LOUISVILLE, Ky., Oct. 10, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Germantown Village Apartments, a 100-unit apartment property located in Louisville, Kentucky. The property sold for $6,900,000, or $69,000 per unit.
"Completing a significant value-add program greatly enhanced Germantown Village Apartments, making it an exceptional asset in a prime location," said Aaron Kuroiwa, senior vice president investments. "With comprehensive upgrades to the roofs, windows, HVAC systems, and the majority of apartment units, the property presented an attractive opportunity for the buyer-a local investor with strong community ties-seeking to expand their portfolio through a 1031 exchange."
Kuroiwa and Sam Kramer, investment specialists in Marcus & Millichap's Indianapolis office, marketed the property on behalf of the seller, Strategic Advisors LLC, and procured the buyer, BlackOak Equity Management. Grant Fitzgerald, Broker of Record in Kentucky, assisted in closing the transaction.
Located at 630 E. Kentucky Street, Germantown Village features 100 one-bedroom floor plans across 66,300 rentable square feet. Built in 1960, the property is situated on 2.65 acres off I-65, with proximity to the University of Louisville
"Completing a significant value-add program greatly enhanced Germantown Village Apartments, making it an exceptional asset in a prime location," said Aaron Kuroiwa, senior vice president investments. "With comprehensive upgrades to the roofs, windows, HVAC systems, and the majority of apartment units, the property presented an attractive opportunity for the buyer-a local investor with strong community ties-seeking to expand their portfolio through a 1031 exchange."
Kuroiwa and Sam Kramer, investment specialists in Marcus & Millichap's Indianapolis office, marketed the property on behalf of the seller, Strategic Advisors LLC, and procured the buyer, BlackOak Equity Management. Grant Fitzgerald, Broker of Record in Kentucky, assisted in closing the transaction.
Located at 630 E. Kentucky Street, Germantown Village features 100 one-bedroom floor plans across 66,300 rentable square feet. Built in 1960, the property is situated on 2.65 acres off I-65, with proximity to the University of Louisville
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.