Investment Overview

The Kuroiwa Group of Marcus & Millichap is pleased to present the Beulah Creek Apartments in Louisville, KY. The offering is considered on an open-bid basis, free and clear of existing debt for sale by the original developer. The property includes 36 apartment homes across 4 buildings, including (18) 2-Bed/2-Bath and (18) 2-Bed/1.5-Bath with average unit sizes of approximately 1,000 square feet. Constructed in 2023, Beulah Creek features highly desirable interior level of finish and living amenities including granite countertops, stainless appliance package, LVP flooring, in-unit laundry connections, ceiling fans, and exterior patios with a privacy fence on ground-level units. LOCATION Located in Louisville’s southeastern Jefferson County, Beulah Creek’s immediate location provides tenants with quick and easy access to key roadways like I-65, I-64, and I-265 and immediate access to national retailer and employers just minutes from the property. The Louisville MSA is home to approximately 1.36 million residents and is well-known for its balanced income distribution and comparative affordability with an average rent to income ratio around 27%, which is nearly 5% below the national average. The local economy is anchored by several major employers headquartered in Louisville including UPS, GE Appliances, Humana, YUM Brands, Norton Healthcare, Churchill Downs, and Brown-Forman. OPPORTUNITY Beulah Creek offers the investor a unique opportunity to acquire a newly built asset in an attractive suburb of Louisville with minor operational upside and virtually zero differed maintenance. The South Jefferson County submarket has experienced significant rent growth in the last 5 years of 26.4% and has seen historically low vacancy over the most recent 12-month period of 1.3% YoY submarket vacancy (Costar.) These historical indicators reflect sustained upward trends in rental rates driven by healthy absorption and economic fundamentals