LOUISVILLE, KY - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce that it has closed the sale of Renaissance St. Andrews, a 216-unit multifamily property located in Louisville, KY, for $12 million. Todd Stofflet, who recently joined ARA, represented the owner, Redus Kentucky LLC.
Built in 2001, Renaissance St. Andrews offers Class A amenities including views of downtown Louisville, and is located in the city’s affluent southwest corridor. Rents average over $700 per month, and the property was 93% occupied at time of sale.
The property was purchased by Steadfast Companies, whose headquarters are located in Irvine, CA. This is the second Louisville apartment acquisition for Steadfast, who also purchased Cooper Creek Village in September 2011. Renaissance St. Andrews represents another core asset for the buyer, who hopes to acquire a total of 2,000 units in Louisville. According to Stofflet, “strong economics and reasonable cap rates in Louisville have led out-of-state investors to take a hard look at the market. UPS, Ford and Humana are all major factors in Louisville’s continued growth.”
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Todd Stofflet at tstofflet@ARAusa.com, 937.439.1094.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com