Proven Value-Add Program: Currently, 7 of Somerset Court’s 28 units have been renovated with new paint and new vinyl plank flooring and are achieving a rent premium of up to $250 on recent leases. New ownership can renovate the remaining units to potentially increase NOI.
Additional Upside: Somerset Court offers new ownership the opportunity to further add value to the property by adding black or stainless steel appliances, painting the kitchen & bath cabinets, new light fixtures, upgraded unit tech, or keyless entry.
Room to Grow Rents: Somerset Court is currently 100% occupied and has a history of being highly occupied. Market rents are anticipated to grow by 10.9% in 2022 and 5.4% in 2023, according to CoStar projections. Rents have increased by an impressive 17.0% over the past year, which significantly exceeds the average annual growth of 4.5% over the past decade.
Home-Style Living Option for Increasing Rental Market: Somerset Court offers its tenants home-style living including private off street parking, open floor plans, large outdoor deck and patio, and a neighborhood setting. These features could serve as a home-buying substitute, as student debt and rising home values are preventing people from buying homes.
Booming Rental Class: According to a report from the Joint Center for Housing Studies of Harvard University, renting has become more common among the age groups and family types traditionally more likely to own their own home, leading to a boom in townhome rental demand. Additionally, According to Pew Research, the millennial generation, which accounts for roughly half of U.S. households with children, are more likely to rent than own a home compared to previous generations.
Local Access to Major Retail: Within 10 minutes, tenants will have convenient access to over 2 million SF of major malls and national retailers without having to go through Louisville, including Target, Kroger, Kohl’s, Meijer, Lowe’s, Sam’s Club, TJ Maxx, Burlington, Hobby Lobby, Bass Pro, Dick’s Sporting Goods, At Home, Dillard’s, and many more.
Proximity to River Ridge Commerce Center: Somerset Court tenants are within 10 minutes of River Ridge Commerce Center, a world-class business and manufacturing park that has over 10,400 jobs onsite and supports over 18,000 regional jobs.
Louisville Employers Expanding: Multiple major employers are in expanding throughout Louisville, including:
Proximity to Staple Louisville Employers: Somerset Court is a convenient commute to Louisville’s largest and most significant employers, including:
Nationally Ranked Metro: Louisville has gained national attention due to its growing economy and lifestyle, including:
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 ("Somerset Court") located in Sellersburg, Indiana.
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 Sellersburg, Indiana and known as Somerset Court (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: