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Morgan Properties Acquires 236-Unit Blankenbaker Crossings Multifamily In Louisville For $39M
SOLD
$39,000,000
Kentucky
See Similar DealsMultiFamily
Sold 01/14/2025
SOLD
Morgan Properties Acquires 236-Unit Blankenbaker Crossings Multifamily In Louisville For $39M
2515 Shining Water Drive
See Similar DealsMultiFamily
Sold 01/14/2025
Summary
KENTUCKY
Asset Type:MultiFamily
Transaction Type:Sale
The property asset involved in the transaction is Blankenbaker Crossings, a multifamily apartment community located at 2515 Shining Water Drive, Louisville, KY. This community consists of 236 units and was sold for $39 million, resulting in a price per unit of $165,254.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $39,000,000
- Address: 2515 Shining Water Drive
- Market: Louisville, KY
- Units: 236
- PPU: $165,254
- Buyer: Morgan Properties
- Broker Representatives: Craig Collins & Mike Kemether - Cushman & Wakefield
The transaction marks Morgan Properties' first acquisition in Kentucky, emphasizing their expansion strategy. Craig Collins and Mike Kemether from Cushman & Wakefield represented the brokerage side of the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,080,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$138,558.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$184,879.90
Annual Debt Service$2,218,558.76
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