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| Glenmary Village Apartments, Louisville, KY |
LOUISVILLE, KY –
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of Glenmary Village Apartments, a 272-unit apartment complex in
Louisville, Ky.
The terms of the sale were not released. Aaron Johnson,
vice president investments in Marcus & Millichap’s Louisville office,
represented the seller.
“The firm’s
national marketing platform and network of more than 1,300 investment property
specialists helped us generate 18 qualified offers from investors located in 11
different states,” says Johnson. “At the end of our marketing process, Glenmary
Village Apartments was purchased by Peak Capital, which is based in Utah.”
The
apartment complex is located off Bardstown Road at 9606 Clubview Drive in
southeast Louisville, minutes from Interstate 265, Interstate 64 and Interstate
65.
The Interstate 65/Bardstown Road interchange has received a
great deal of new construction during the last 15 years, which has led to large
increases in the population and employment base.
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| Aaron Johnson |
Some of Louisville’s largest employers, including the Ford
Motor Co., UPS and General Electric Corp. are within an easy commute. The
average annual family income within one mile of the apartment community is
$96,000.
“Our
ability to create a national marketplace for a small-market asset fueled the
interest of buyers and inspired the competition that led to the completion of
this sale,” says Mathew Fitzgerald, first vice president and regional
manager of Marcus & Millichap’s Louisville office. “The firm’s marketing
platform brought the deal directly to private investors nationwide and the
results were extraordinary.”
Built in
2003 on 22 acres, Glenmary Village Apartments features 17 two-story,
garden-style buildings with brick and wood siding facades and remote-access,
private garages.
The property’s two- and three-bedroom units range from 1,218
square feet to 1,493 square feet.
Each home has an alarm system, nine-foot
ceilings, recessed lighting and a full-size washer and dryer connection.
Community amenities include an upgraded resort-style clubhouse with veranda,
business center, workout facilities and kitchen area, a large pool and sun
deck.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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