Rosewood Realty Group announced it has brokered the $230 million sale of a 1,246-unit multifamily portfolio in southeast Louisville, Kentucky.
Rosewood’s President of National Sales Jonathan Brody and Senior Broker Jay Weiner represented both the buyer, Stoneweg U.S., a St. Petersburg, Florida-based developer and the seller, Lifestyles Communities, a Columbus, Ohio-based developer.
The properties include Middletown Landing at 700 Landis Ridge Drive, a 500,000-square-foot complex of 33 three-story walkup buildings with 646 units. The development, built in 2014, features a clubhouse, pool and fitness center.
The other development, Mallard Crossing at St. Matthews at 400 Mallard Creek Road in Saint Matthews, Kentucky is a complex of 51 two-story walkup buildings with 600 units. The 744,752-square-foot development also has a pool, fitness center, tennis court and clubhouse. It was built in 1988.
Both buildings are located in the southeast Jefferson County, a submarket of Louisville. They sold for a 4.4% blended cap rate, at $184,000 per unit.
“We have successfully closed over $2 billion in sales [in 2021] and we are poised for a strong 2022 as the sales market continues to heat up locally and nationally,” said Rosewood Realty Founder Aaron Jungreis. “The rental market still has growth potential and identifying hidden gems is one of our strengths.”
This sale represents the 80th closed transaction in 2021 for Rosewood.
