Louisville, KY – February 8, 2016 – CBRE Group, Inc. announced today that it completed the sale of Woodbridge, a 360-unit apartment community located in the heart of the affluent East End of Louisville, Kentucky. CBRE’s Central Midwest Multifamily team acted on behalf of the seller, a Midwest-based real estate holding company, and procured a total of 19 offers and conducted three rounds of bidding. The buyer was Sundance Bay, LLC, an apartment operator based in Orem, Utah. This was its second acquisition in the Louisville market.
Woodbridge is located less than two miles southwest of the intersection of Shelbyville Road/U.S. Highway 60 and I-264, a critical connection point that serves as the gateway to Louisville’s largest suburban concentration of medical employment and most significant collection of upscale shopping and dining in the MSA.
The buyer plans to upgrade unit interiors, refinish the building exteriors, and renovate the community clubhouse. At the time of sale, the property was 94 percent occupied.
“With numerous groups bidding on Woodbridge, including nine without a presence in Louisville, there was a clear message from the market that Louisville is on the grid on a national level,” said Steve LaMotte, senior vice president and member of CBRE’s Central Midwest Multifamily team.
The sales price for the property was not disclosed.
Central Midwest Multifamily is the dominant multifamily brokerage team in Louisville. The team has covered the Louisville market since 1998 and has transacted $280M since 2014. Central Midwest Multifamily includes eight professionals based in the company’s Indianapolis and Cincinnati offices and covers all of Indiana, Cincinnati and Dayton Ohio, Louisville and Lexington Kentucky and the southern Michigan markets. The team has more than 75 years of combined multifamily brokerage experience.
To speak to a CBRE professional, please contact Joe Ludwig at +1 513 369 1305 or joe.ludwig@cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
