Proven Value-Add: 12 units have been fully or partially renovated with two-tone paint, dark grey trim & doors, LED light fixture upgrades, new ceiling fans, curved shower rods, new shower heads, exhaust fan upgrades, new carpet, and new LVT flooring. Full upgrades are receiving a $75 premium and partial upgrades are receiving a $35 premium. New ownership will have the opportunity to complete the renovation on the remaining units to potentially increase NOI.
Large Floor Plans: SpringHouse has an average floor plan size of 1,039 SF, larger than many of the surrounding comps. Over 63% of the property features 2 or 3 bed units.
Unmatched Amenities Package: SpringHouse offers Louisville’s premier amenities package, including: a pet park, clubhouse, business center, coffee bar, fitness center, yoga studio, sports pub, resort style pool, carwash, grilling stations, nature trails, in-unit washer and dryer, valet trash, chef inspired kitchens, 9’ ceilings, and private patios.
High Quality School System: Tenants at SpringHouse will have access to one of Louisville’s best school districts, including Ballard High School which has earned the College Success Award in 2018, 2019, and 2022 with the school having a 93% graduation rate and 51% of students participating in AP courses.
Ideal Location: SpringHouse is located in the East End submarket in Louisville. Renters are willing to pay on average $270/month higher to live in this suburb rather than the Louisville metro area, according to CoStar.
High Barrier To Entry For Homebuyers: Home values in the 40222 zip code average over $364,000, making homeownership unattainable for many residents in this area. The amount of for-sale inventory remains historically low, pushing home prices to new highs. This will likely keep those looking to purchase a home in the renter pool for now, according to CoStar.
Ford’s Presence In Louisville: Ford employs over 13,000 people in the city of Louisville, and has invested $5.2 billion in the city since 2014. Recently, Ford invested $700 million and added 500 jobs at one of their plants to bolster production of the F-Series Super Duty Truck.
Fast Growing Economy: In 2022, KY had 248 job announcements, over $10.5 billion invested, and over 18,000 jobs created. The Louisville/Jefferson County MSA ranked #5 in the country in total economic investments. Kentucky ranked #2 nationally for economic projects per capita which shows the growing and attractive economy in the state.
Louisville Employers Expanding: Multiple major employers are in expanding throughout Louisville, including:
Constant Louisville Development: Louisville’s thriving economy has led to over 200 projects under construction or proposed, examples include:
Access To Louisville’s Premier Retail Centers: SpringHouse is ideally positioned near Louisville’s premier shopping opportunities, including:
Proximity To Staple Louisville Employers: SpringHouse 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 AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as SpringHouse (“Property”) located in Louisville, Kentucky. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. 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 Buyers 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 Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:
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 SpringHouse (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: