Investment Highlights
Attractive Assumable Debt: New ownership has the option to assume the attractive existing debt, which has an interest rate of 3.93%, 3+ years of interest only left, a remaining balance of $11,872,000, and approximately 9 years of term left that matures May of 2033.
Potential Value-Add Opportunity: 2 units have been renovated with stainless steel appliances and resurfaced countertops. New ownership will have the opportunity to complete the renovation on the remaining 138 units to potentially increase NOI.
Stabilized, Best-in-Class Asset: New ownership will have the opportunity to acquire the premier apartment community in Radcliff based on Parks at Vine’s outstanding asset quality and location.
Large Floor Plans: Parks at Vine has an average floor plan size of 1,075 SF, significantly larger than any of the surrounding properties. Over 87% of the property features 2BD or 3BD units.
Largest Economic Development in Kentucky’s History: The largest economic project in Kentucky’s history is coming to Hardin County as Ford announced a $5.8 billion investment that will create ~5,000 jobs. The facility is expected to have an $800 million impact annually once it hits full employment in 2025. Additionally, the announcement is expected to bring a population influx of 22,380 people.
EV Boom in Kentucky: With the announcement of the $5.8 billion electric battery plant in Hardin County, millions of dollars have been invested inside and outside of the EV industry to support the plant within the county, including:
- Advanced Nano Products: $49.6 million investment, 93 jobs
- Lotte Aluminum: $238.7 million investment, 122 jobs
- Advance Ready Mix: $7 million investment, 35 jobs
- Elizabethtown Courthouse Hotel: $8.18 million investment, 18 jobs
- Kruger Packaging: $114 million investment;150 jobs
- Baptist Health Hardin: $225 million expansion
Regional Economic Activity: Parks at Vine is one of the premier deals in one of the fastest growing economic regions in the country. In addition to Hardin County and Elizabethtown, Nelson County, Bullitt County, Meade County, and Washington County have seen significant growth and investments, including:
Bullitt County
- Square Roots: 30 jobs;12,000 SF Facility
- Four Roses Bourbon: $23 million investment
- UPS: $79 million investment and 500 jobs
- Rivian: $10 million investment;218 jobs
- $60 million expansion in the Velocity 65 Trade Center
- $6.8 million investment to bring high speed internet to 6,300 homes
Nelson County
- Bardstown Bourbon Co.: $28.7 million investment, 29 jobs
- Heaven Hill: $135 million investment, 15 jobs
- Jim Beam: $400 million investment, 50 jobs
Meade County
- Nucor Steel: $1.7 billion investment, 400 jobs
Washington County
- Willett Distillery: $93 million, 35 jobs
Fort Knox Military Base: Fort Knox is less than 10 minutes from Parks at Vine and has a daytime population of 26,000 soldiers, military family members, civilians, and contractors. The base also provides a $4.8 billion economic impact to the area.
Louisville MSA Employers Expanding: Multiple major employers are expanding throughout the Louisville MSA, including:
- Stellar Snacks: $137 million investment, 350 jobs
- Ford: $1.95 billion investment
- UPS: $453 million invesment and 500 jobs
- GE Appliances: $80 million investment
- University of Louisville Health’s $144 million expansion and upgrade to UofL Hospital.
- Inxeption’s $125 million investment with 200 new jobs
- Confluent Health’s $15.4 million investment with 350 jobs created
- River City Entertainment Group’s $65 million renovation with 50 new jobs
- Amazon: Adding nearly 2,000 jobs
- Radial: 4,500+ jobs
- Fort Dearborn Co.: $22 million investment with 90 jobs
Major Louisville Employers: Louisville is home to dozens of companies that employ over 1,000 people, highlighted by UPS (25,090 jobs), Ford (13,020 jobs), Norton Healthcare (13,828 jobs), and Humana (12,360 jobs).
Nationally Ranked Metro: Louisville has gained national attention due to its growing economy and lifestyle, including:
- #1 Ohio River Corridor for economic development in 2023 (Site Selection Magazine)
- #3 Top Housing Market of 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)
- #9 Foodie City in the US (Travel & Leisure Magazine)
Statewide Tourism Industry Exploding: In 2023, the state of Kentucky saw $301.2 million invested in the tourism industry showing corporations are willing infuse money into an ever-growing economy, including:
- Appalachian Wildlife Foundation: $60.5 million, 110 jobs
- Augusta Distillery: $36.5 million, 14 jobs
- Elizabethtown Courthouse Hotel: $8.2 million, 18 jobs
- Louisville Pickleball: $13.9 million, 89 jobs
- The Dine and Social House: $33.8 million, 163 jobs
- Lexington Sporting Club: $25.4 million, 7 jobs
- Crown Plaza Louisville Airport Renovation: $25 million, 70 jobs
- Sandy’s Racing & Gaming: $82.3 million, 149 jobs
- Garden Outdoor Resort: $15.6 million, 8 jobs
-
Address:1000 Azalea Park Trail
-
City, State:Radcliff, Kentucky
-
County:Hardin
-
Year Built:2012
-
Units:144
-
Acreage:7.90
-
Average Asking Rent:$1,215
-
Average Unit SF:1,075