Room to Grow Rents: Nora is currently 98.89% occupied with rents below market value. Nearby properties with similar vintage are achieving over $150 more in rent.
Repositioned Asset Experiencing 5% Rent Growth on New Leases: Leases signed in the last 5 months have seen 5% rent growth, on average. Ownership has spent roughly $1.8 million in renovations, including granite countertops, stainless steel appliances, new cabinet doors, vanities & mirrors, new LVT flooring, and new paint. The amenities have been fully renovated along with common area improvements, window and siding replacement, and new exterior paint.
Attractive Assumable Debt: New ownership has the option to assume the attractive existing debt, which has an interest rate of 5.37%, 2+ years of interest only left, a remaining balance of $7.3 million, and approximately 4 years of term left that matures July of 2028.
Major Louisville Employers: Louisville is home to dozens of companies that employ over 1,000 people, highlighted by:
Proximity to Major Retail Centers: Nora is less than a 10 minute drive to Louisville’s premier retail and dinning establishments, including:
Originally from Pennsylvania, Brian moved south to pursue a degree in Business Administration at Northwest Florida State College. With 26 years of experience in the commercial real estate industry, he has been a dedicated Broker with TKC since 2017. Brian loves the dynamic nature of his role, working both within the TKC office and in the field across Kentucky, Indiana, and Ohio.
Brandon is originally from Owensboro, KY and attended the University of Kentucky with a major in Marketing. He has been a Broker with The Kirkland Company since 2012 and loves the art and tact involved in putting a deal together.
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.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Nora") located in Louisville, Kentucky.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Louisville, Kentucky and known as Nora (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: