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| The Cloisters Apartments, Louisville, KY |
Louisville, KY – 29th Street Capital (29SC), a privately-held real
estate investment and advisory firm, has acquired The Cloisters Apartments
its third acquisition in the Louisville market.
The 39-unit multifamily property
is located approximately one mile east of downtown Louisville in the
Butchertown neighborhood and is minutes away from the proposed site of the
future Louisville City Football Club stadium.
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| Adam Miller |
The Cloisters was once the
chapel and convent for the Ursuline Academy of Immaculate Conception, and in
the late 1980’s was converted to apartments and required to meet housing code
requirements.
“We are thrilled to add The Cloisters to our Louisville portfolio,” said Adam
Miller, 29SC’s Senior Vice President of Acquisitions for the Southeast.
“The property is in a great location with close proximity to downtown, NuLu,
and many restaurants, local retail and other attractions that comes with those
areas.”
Louisville has added more than 15,000 jobs metro-wide each year since 2014
and the growth is escalating. The city is a critical distribution center for
leading logistics and manufacturing companies including UPS, Amazon, Ford
Motors, GE Appliances/ Electrolux and, most recently, Google Fiber.
“The city of Louisville is in a transitional phase as it continues to grow
and attract a younger demographic,” Miller added. “The city is working with the
state government to help fund the $200 million Louisville City Football Club
stadium project that is expected to generate $13 million per year in tax
revenue for the city.”
The transaction closed March 5. The sale price was not disclosed.
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