Brentlinger Park Townhomes – Offers Due July 9th Louisville, KY

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Property type:Multifamily

The space

  • Units: 113
  • Year of Construction: 2023

Description

***OFFERS DUE TUESDAY, JULY 9th***

***ACCESS FINANCIALS AND OM BY VISITING THE LISTING WEBSITE FOR BRENTLINGER PARK***

Silvestri Real Estate is pleased to present the exclusive listing of Brentlinger Park Townhomes, in Louisville, Kentucky.  With a history of developing high-end townhomes communities, the builders have positioned Brentlinger Park in a strong, emerging submarket in the highly sought-after Louisville MSA.

Featuring 113-units, Brentlinger Park has an attractive unit mix of all 2-bedroom, 2 1/2 – bathroom floorplans.  Every townhome features full size washer and dryer hookups, high efficiency HVAC systems, undermounted kitchen cabinet lighting, and forward-thinking Wi-Fi docking stations.

Community features include 24-hour parcel lockers/mail room, playground, two bark parks, and a fitness center.  Located just outside I-265 (Gene Snyder Freeway), nearby retail anchors include Chick-fil-A, Starbucks, Chipotle, Panera Bread, First Watch, Chicken Salad Chick, Crumbl Cookies, McDonald’s, Kohl’s, Hy-Vee Grocery (under construction), and more.

Growth opportunity lies in below market rents, with a very similar nearby community achieving average effective rents of nearly $250/month/unit more than Brentlinger Park.

The final Certificate of Occupancy was received in September of 2023 and stabilization (90% occupancy) was achieved in April 2024 allowing the asset to qualify for agency debt.

 

WALKING DISTANCE TO STRONG RETAIL ANCHORS  – Located just outside I-265 (Gene Snyder Freeway), Brentlinger Park is nearby recently developed locations for McDonald’s, Starbucks, Chick-fil-A, Panera Bread, Chipotle, First Watch, Buff City Soap, Crumbl Cookies, Chicken Salad Chick Heine Brothers Coffee, 7-Brew Coffee, and Popeye’s.  Hy-Vee Grocery Store is currently under building a 150,000 square foot facility approximately a half-mile away.

RECENT OCCUPANCY STABILIZATION OFFERS LOSS-TO-LEASE GROWTH – Final certificate of occupancy was received in December 2023, while stabilization (90% occupancy) was achieved in April 2024.  Average effective rents from lease up are currently $1,592.  A rent study concluded that Brentlinger Park’s average effective rent to be approximately $250/unit below neighboring comps.  Specifically, Redwood Bardstown Bluff offers all two-bedroom semi-detached homes of comparable size for $2,099/month.  We have modeled market rents for Brentlinger Park at $1,875/month for end units and $1,825/month for non-end units, leaving a comfortable and achievable margin between the subject property and it’s most accurate competitor.

***ACCESS FINANCIALS AND OM BY VISITING THE LISTING WEBSITE FOR BRENTLINGER PARK***

Contact the Agent

Ken Silvestri

Owner/Principal Broker
Ken Silvestri, the powerhouse behind Silvestri Real Estate, leads Kentucky’s premier multifamily brokerage firm. A Lexington native, Ken initially conquered the residential real estate market in 1990, earning the impressive rank of #3 among 40,000 agents at Re/max International. Transitioning to apartment sales in 2000, he has since achieved sales exceeding one billion dollars, consistently earning Silvestri Multifamily the #1 POWERBROKER title from CoStar since 2016. Ken’s visionary leadership extends to the formation of the SILVESTRI TEAM, comprising top talents Brandon Cutwright and Robert Jones.   Featured on the “Elevate” podcast, Ken generously shares insights and secrets to sustained success. Beyond his real estate prowess, Ken achieved Eagle Scout at the age of 16. A passionate photographer and world traveler, he and his wife Tammy have explored landscapes from Patagonia to New Zealand. Married since 1984 at Yosemite National Park, the couple shares a profound love for health, cooking, and…