A high-profile apartment portfolio sale last year showed off the international allure of the greater Louisville, Kentucky, commercial real estate market.
The broker on the $156 million deal, Cushman & Wakefield, said strong rent growth in the Louisville area has led investors to seek acquisitions there. The collection of 1,460 units spanning five properties attracted hundreds of prospects from across the globe, from places including Israel and South America.
The transaction was selected by local industry professionals as a winner of the 2025 CoStar Impact Award for sale of the year in Louisville. Ocoee, Florida-based MF Capital Partners was the buyer with its first purchase in Kentucky, while local firm Brown Capital was the seller.
The deal was one of Kentucky’s largest apartment sales in dollar amount and number of units, according to Cushman.
About the deal: The portfolio sold included Eagles Eyrie Apartments, Partridge Meadows, Lyndon Crossings, Devonshire Apartments and Boulder Creek Apartments. They were all built from the 1970s to 1990s.
Cushman said it coordinated tours over six months, with as many as 10 scheduled in a single day. The final bidding included several curveballs with tremendous last-minute increases in total offers and hard money deposits.
MF Capital plans to renovate most, if not all, of the apartments with a budget of $26.1 million.
They made it happen: Craig Collins, senior director, Cushman & Wakefield; Austin English, senior investment sales associate broker, Cushman & Wakefield.