Silvestri Real Estate is pleased to present the exclusive listing of Hi Point Apartments in Shelbyville, KY (Louisville MSA). This 296-unit property built between 1994-2016 has been meticulously maintained by the original developers and has zero deferred maintenance. With each staff person having been on the team for at least 10 years, consistent operations have led to incredibly strong performance and record-keeping beyond what is typically seen in multifamily operations. Sitting in an under-supplied submarket, Hi Point Apartments is well positioned to capture the influx of new jobs soon to be created by the 12 million square feet of industrial and manufacturing development currently in the pipeline for Shelby County. The median household income within 1 mile of over $83,000 reinforces the submarket strength for this opportunity.
1994 – 40 units
1995 – 64 units / 10 garages
1997 – 48 units / 11 garages
1998 – 64 units / 22 garages
2000 – 32 units / 12 garages / Clubhouse
2001 – 32 units
2016 – 16 units
RECENT CAPITAL PROJECTS COMPLETED:
Shingles: All replaced in 2023 except building Q (built in 2016)
Windows: All replaced within the last 5 years
Patio Sliders/Entry Doors: All replaced 2023
Water Heaters: All replaced after 10 years regardless of condition for preventative maintenance
Fully stocked pond (bass, bluegill and catfish)
Washer/Dryer connections in every unit
Onsite laundry facility
Historically strong occupancy with an extensive waitlist
Located in the Louisville MSA, Shelbyville is just a 10-minute drive down I-64 from Louisville’s Gene Snyder Freeway, 15-minutes from the state capital of Frankfort, and a 35-minute drive to Lexington.
Shelby Co., Kentucky was recently ranked #14 by Site Selection Magazine (see page 66) on their list of America’s Best Counties by Projects Per Capita. With 12 million square feet of industrial and manufacturing development in the pipeline, Shelby County will soon see explosive job growth in the already under-supplied housing market.
Koetter Construction and The Spirits Group have joined to develop a bourbon facility that includes 7 barrel-aging rickhouses, each with a 20,000 barrel capacity (140,000 total barrels). In addition, they’ll create a 30,000 SF blending and bottling facility.
Not to be outdone, three additional bourbon distilleries are planning moves to Shelby County, includingIJW Whiskey Co., who recently purchased approximately 220 acres of land for their development.
Existing employers include Black & Decker Manufacturing Facility, Kittrich Corporation, Bulleit Distilling Co., Jeptha Creed Distillery, Nifco Plastics Manufacturer, Martin REA Heavy Stamping, Omega Plastics Corporation, SOLO World Partners, Sonoco Corporation, Ryerson Processing Center, and Voestalpine Roll Forming Company, among many others.
Prior to these new development announcements, Shelbyville has already been experiencing explosive population growth since 2000. From 2010 to 2020, Shelbyville’s population has grown by an impressive 23.57%. Additionally, population growth between 2000 and 2020 has been a staggering 71.3%.
The rich tradition of the equine industry is not lost among the news of the robust development pipeline as Shelbyville is widely recognized as the Saddlebred horse capital of the world.
Shelbyville’s short distances to I-64, I-71, I-75 and I-65 give production facilities great access to reach the 2/3 of the U.S. population that’s within a 600-mile radius.
Ken Silvestri has deep roots in Lexington. As a youngster in the 1960’s he worked at his grandfather’s fruit stand located in downtown. He is the owner and principal broker at Silvestri Real Estate. Ken began his career in residential real estate in 1990. By 1994, he was recognized as one of the top producing agents in the United States at Re/max International. In 2000, he transitioned to apartment community brokerage. And that is now his Teams specialty. Their tagline is ‘Single Focus-Multifamily’. The team has brokered over 8000 apartment units in Lexington with total lifetime sales near one billion dollars. He and his wife Tammy (of 37 years) own apartments in Lexington and have their offices at Goodwin Square. Ken is a board member of Fayette Alliance. Ken is an avid hiker and photographer capturing landscapes from Patagonia to New Zealand. Check out my recent appearance on “Elevate with Tyler Chesser” podcast! E239…