Louisville’s multifamily real estate market is characterized by an inventory of 88,893 units completed, 5,373 units under construction, and 6,562 units planned. The recent surge of 2,251 units added over the past 12 months reflects Louisville’s development momentum, and its distinction as one of the top metros for economic development highlights the general growth of the city.
Complementing the market activity are Louisville’s manufacturing and healthcare industries. On top of being named a top city for manufacturing by Forbes, Louisville has recently been the destination of many corporate expansions and relocations, the biggest and most recent of these being UPS’s announcement in late 2022 to construct a 1 million-square-foot facility ($155 million / 315 jobs). UPS, already Louisville’s biggest employer, has nearly 400 flights arriving and departing from UPS Worldport daily. The healthcare industry in Louisville, which has nearly a dozen headquarters operations and 31,000 employees, worked with UPS to lead the world in Covid-19 vaccine distribution during the pandemic. In fact, there is 3 million square feet of medically designated space at UPS Worldport. Furthermore, Louisville is home to 4 out of 10 of Kentucky’s largest hospitals by bed count. The University of Louisville, a Research 1 University and home to the Trager Institute, adds to this pool of healthcare workers.
#3
Top Housing Markets for 2023 (Realtor.com)
#4
Most Beautiful and Affordable Places to Live in the U.S (Travel and Leisure)
#5
U.S. Metro for Economic Development (Site Selection)
Multifamily Highlights
Apartment Market Overview:
516
Apartments (50+ units)
88,893
Total Units
$1,189
Avg. Asking Rent
3.2%
Rent Growth (Previous 12 Months)
93%
Occupancy
12-Month Sales:
$555M
12-month Sales Volume ($)
4,397
12-month Sales (Units)
28
12-month Sales (# of transactions)
Development Pipeline:
25
Properties Under Construction
5,373
Units Under Construction
Economic Development
Louisville’s economic development is outpacing even its remarkable 2022 achievements. In the first half of 2023 alone, the city has announced projects totaling $663 million. Last year, the Louisville Metro Department of Economic Development spearheaded 51 projects, which led to $2.09 billion in fresh investments and 3,696 new jobs.
Brian Devlin brings over 26 years of commercial real estate experience to his role as a Broker at TKC, where he focuses exclusively on the Kentucky, Ohio, and Indiana markets. Since joining the firm, Brian has closed 178 transactions totaling over $2.09 billion across 20,664 units, reflecting a strong and sustained track record across the Midwest multifamily market.
Brian launched his commercial real estate career in Atlanta, GA in 1998 before eventually making his way to TKC in 2017. Having spent years working across KY, OH, and IN, he brings well-rounded market knowledge and a hands-on approach that keeps him closely connected to the clients and communities he serves.
Brandon Wilson
KY
Brandon Wilson
KY
Email: bwilson@thekirklandco.com
Phone: (502) 837-4100
Brandon Wilson has been a Broker at The Kirkland Company since 2012, bringing well over a decade of focused experience to the Kentucky multifamily market. Since joining the firm, Brandon has closed 195 transactions totaling over $2.23 billion across 23,092 units, a track record that reflects his consistent success in the markets he serves.
A Kentucky native from Owensboro, Brandon earned his degree in Marketing from the University of Kentucky before launching his commercial real estate career as a broker in Phoenix, AZ in 2001. His passion for the strategy and craft of putting a deal together continues to drive his work today.
John Seale
Kentucky
John Seale
Kentucky
Email: jseale@thekirklandco.com
Phone: (502) 837-4104
John is from Brentwood, TN and attended the University of Tennessee with a major in Finance and a minor in Economics. He went on to earn his MBA at Middle Tennessee State University in 2022. He has been a Broker with TKC since 2017 and loves the different challenges with getting a deal closed and the flexibility the industry provides.
Sources & Comments
1. Louisville/Jefferson County, KY-IN Metropolitan Statistical Area consists of 12 counties, according to Office of Management and Budget: (1) Clark IN (2) Floyd IN (3) Harrison IN (4) Washington IN (5) Bullitt KY (6) Henry KY (7) Jefferson KY (8) Meade KY (9) Nelson KY (10) Oldham KY (11) Shelby KY (12) Spencer KY
5. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy
