- For sale
132 UNITS WITH IMMEDIATE VALUE-ADD CLOSE TO NEW 5,000 JOB EV BATTERY PLANT
Colliers is pleased to present Newberry Parc, a 132-unit garden-style community with proven value-add upside located in fast-growing Louisville, KY. Built in 1972, Newberry Parc features 102 units (“Classic Units”) with black/white appliances, tile floors, original cabinets, and laminate countertops. Current ownership recently renovated 2 units (“Partially Renovated Units”) with modern white cabinets and black appliances to generate monthly premiums of $129/unit. 28 units (“Renovated Units”) have been upgraded with hardwood-style floors, black appliances, and granite countertops to achieve monthly rent premiums of $169/unit. New ownership if afforded investment flexibility to either continue the successful renovation program or phase-in upscale finishes like backsplash, lighting, a tech package, and stainless-steel appliances in all units to create a unified higher price point. In excellent physical condition, Newberry Parc allows investment capital to be concentrated on unit interior revenue-generating improvements. Proximate to the University of Louisville, Fort Knox, and the incoming Ford/SK Innovation EV Battery Plant (5,000 jobs), new ownership will quickly capture proven rent premiums and push top-line revenue.
STABLE OCCUPANCY AND RAPIDLY ACCELERATING MARKET RENT GROWTH
Located on the southwest side of Louisville, Newberry Parc’s submarket is experiencing stable occupancy, currently 97%, and incredible income, home value, and rent growth. Projected to achieve over 7% average annual effective rent growth from 2022 to 2023 (Axiometrics), value-add improvements at the property will time perfectly with a rising market.