Investment Overview

Marcus & Millichap is pleased to present The Villas at Green Valley, an 84-unit apartment community located in New Albany, IN. Within the Louisville MSA, the Villas at Green Valley was completed in 2023 and offered for sale by the original developer. The property boasts a variety of unit mixes ranging from one – three Bedroom apartment homes and provides various tenant amenities including an on-site leasing office, fitness center, community lounge, business center, dog park, and private balconies. Located in New Albany, IN, The Villas at Green Valley benefits from immediate access to I-265, offering a seamless commute to Louisville and the River Ridge Commerce Center in Charlestown within 15 minutes. New Albany’s absorption and average vacancy rate remains healthy at approximately 6.4 percent with no new construction starts since late 2023, and zero new deliveries planned the remainder of 2025 and into 2026. The slowdown in deliveries since 2023 has created upward pressure for rent growth in the New Albany market specifically with 2nd quarter 2025 YoY rent growth of 2.8 percent (Costar) compared to the entire southern IN region of only 0.7 percent rent growth (encompassing New Albany, Sellersburg, Clarksville, Jeffersonville, and Charlestown.) The Villas at Green Valley is well positioned to experience growth and long-term stability. The property’s newer construction ensures minimal maintenance in the immediate future and is priced below current replacement costs. With in-place rents averaging $1,316 compared to the market average of $1,504, the property offers a compelling $188 per-unit loss-to-lease opportunity by bringing rents the market comp average. Additionally, there is an opportunity to convert the current internet agreement into a bulk package, allowing the property to offer internet services directly to residents and generate additional income. With sharp declines in deliveries in the southern Indiana markets, existing properties are well positioned to benefit from tighter vacancy rates and upward pressure on rents.