Source: PRG Real Estate / #Apartments #Multifamily
LOUSIVILLE, KY - PRG Real Estate, a leading multifamily real estate investment and management firm, announced the acquisition of The Grove at Lyndon Apartment Homes, located in Louisville, Kentucky.
The Grove at Lyndon is a 254–unit garden-style apartment community located in the largest city in Kentucky, as well as the 28th most populous city in the United States.
The property, which is situated on 21 landscaped acres, is in the affluent Louisville town of Lyndon with easy access to local attractions such as Mall St. Matthews, Oxmoor Center Mall, restaurants and hotspots. The Grove at Lyndon features a charming wooded setting, open floor plans and private balconies. The property also boasts a resort-style swimming pool, picnic gazebo, two lighted tennis courts, a basketball court and a 24-hour fitness center.
PRG’s acquisition will undergo a major $2.1 million capital improvement plan which will transform both the interior and exterior of the property. At over $8,000 per unit, interior improvements include the addition of faux wood floors, adding a stainless steel appliance package and the installation of Washers and Dryers. Exterior improvements include a fresh paint job, renovations of the clubhouse and fitness center, the addition of a dog park and all new property signage.
PRG’s CEO Sam Foster stated, “We have experienced significant success in the Louisville market since 2007. We want to bring an enhanced level of quality and satisfaction to the residents at The Grove as we have at other PRG communities in Kentucky, including River Oak, just east of downtown. With hands-on management and extensive interior and exterior renovations, we are extremely excited to introduce a newly transformed community to both our residents and the neighborhood as a whole.”