Multifamily

Glenmary Pointe

8913 Old Bardstown Rd, Louisville, KY 40291

Listing Price: Request For Offer

Number of Units
72
Occupancy
93.1%
Gross SF
73,032

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of the GLENMARY POINTE
APARTMENTS, a 72-unit new construction multifamily complex in Louisville, KY. The property consists
of 9 eight-plex structures situated in Louisvilles peaceful south-east suburbs. Construction began in
2017 and the final building was delivered in October of 2020.

The asset offers a unit mix of 12 one-bedroom/one-bathroom units and 60 two-bedroom/twobathroom units. The 1-Bedroom unit size is 826 square feet, while the 2-bedroom unit size is 1,052
square feet, respectively. Each unit features an attractive floor plan and the following amenities:

- Washer/Dryer hookups
- Outdoor patio or balcony with outside storage closet
- Central Heating and Cooling
- Energy Efficient Appliances and Mechanicals
- Walk-In Closets
- Open Floor Plans With 9 Ceilings

Glenmary Pointe offers the investor an opportunity to obtain institutional quality product in one of the
most sought-after markets within the Midwest. Located 3 minutes South of the Gene Snyder Freeway
(I-265) and right on U.S. 150, the property sets peacefully within an ever-developing suburb of
Louisville. Since 2015, there have been three other multifamily developments delivered and an
additional four new multifamily development projects have been proposed all within a 3-mile radius of
Glenmary Pointe (Costar.) These proposed projects range from 113-units to 432-units and are intended
to meet the demand of the increasing population in the area which has grown an astounding 97% since
2000 and is expected to grow and additional 7% in the next 5 years.

There is opportunity to further maximize revenue at Glenmary Pointe through increasing bill-back
income, adding more property amenities, developing more units, and shrinking the loss to lease on
existing tenants. The opportunity lies in utilizing the extra green space on the central building for a
bark park and covered parking or space garages on site and charging a premium for cable/internet
provided through the 5-year Spectrum contract at the complex. Compared to similar comps where
cable/internet is optional for $75/month and water/sewer is individually metered, Glenmary Pointe is
under-charging tenant bill-back for these services on average by $144/month for 2-Bedrooms and
$62/month for 1-Bedrooms. (See page 9 for the rent gap analysis.)

In addition to the propertys attractive construction style and unit amenities, the complex does not
currently face a lot of competition. There is only one other traditional market rate apartment complex
that lies within a 2-mile radius of Glenmary Pointe. Hence the high development activity and proposed
projects to support the rapid population growth in the submarket.

Investment Highlights

  • New Construction Property
  • Affluent Submarket - $120K Average Household Income
  • Opportunity to Increase Other Income
  • Opportunity to Capture Current Loss to Lease

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KY: 242197

    Kentucky

Listing Price: Request For Offer

Number of Units
72
Occupancy
93.1%
Gross SF
73,032

Investment Highlights

  • New Construction Property
  • Affluent Submarket - $120K Average Household Income
  • Opportunity to Increase Other Income
  • Opportunity to Capture Current Loss to Lease

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of the GLENMARY POINTE
APARTMENTS, a 72-unit new construction multifamily complex in Louisville, KY. The property consists
of 9 eight-plex structures situated in Louisvilles peaceful south-east suburbs. Construction began in
2017 and the final building was delivered in October of 2020.

The asset offers a unit mix of 12 one-bedroom/one-bathroom units and 60 two-bedroom/twobathroom units. The 1-Bedroom unit size is 826 square feet, while the 2-bedroom unit size is 1,052
square feet, respectively. Each unit features an attractive floor plan and the following amenities:

- Washer/Dryer hookups
- Outdoor patio or balcony with outside storage closet
- Central Heating and Cooling
- Energy Efficient Appliances and Mechanicals
- Walk-In Closets
- Open Floor Plans With 9 Ceilings

Glenmary Pointe offers the investor an opportunity to obtain institutional quality product in one of the
most sought-after markets within the Midwest. Located 3 minutes South of the Gene Snyder Freeway
(I-265) and right on U.S. 150, the property sets peacefully within an ever-developing suburb of
Louisville. Since 2015, there have been three other multifamily developments delivered and an
additional four new multifamily development projects have been proposed all within a 3-mile radius of
Glenmary Pointe (Costar.) These proposed projects range from 113-units to 432-units and are intended
to meet the demand of the increasing population in the area which has grown an astounding 97% since
2000 and is expected to grow and additional 7% in the next 5 years.

There is opportunity to further maximize revenue at Glenmary Pointe through increasing bill-back
income, adding more property amenities, developing more units, and shrinking the loss to lease on
existing tenants. The opportunity lies in utilizing the extra green space on the central building for a
bark park and covered parking or space garages on site and charging a premium for cable/internet
provided through the 5-year Spectrum contract at the complex. Compared to similar comps where
cable/internet is optional for $75/month and water/sewer is individually metered, Glenmary Pointe is
under-charging tenant bill-back for these services on average by $144/month for 2-Bedrooms and
$62/month for 1-Bedrooms. (See page 9 for the rent gap analysis.)

In addition to the propertys attractive construction style and unit amenities, the complex does not
currently face a lot of competition. There is only one other traditional market rate apartment complex
that lies within a 2-mile radius of Glenmary Pointe. Hence the high development activity and proposed
projects to support the rapid population growth in the submarket.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    License(s): KY: 242197

    Kentucky

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