Richmond, VA – April 1, 2013 – 37th Parallel Properties (“37th Parallel”), a total return focused commercial multifamily real estate investment firm, announced today it has closed on Heritage Hill Apartments, a multifamily property located in Louisville, KY.
Heritage Hill Apartments, located at 201 Heritage Hill Way, Louisville, KY is a 163-unit apartment complex made up of 68 1-bedroom, 86 2-bedroom (including 13 town-homes) and 9 3-bedroom apartments.
Chad A. Doty, CEO of 37th Parallel commented on the acquisition, ”We are excited to add Heritage Hill Apartments to our portfolio. The asset is in a very stable location with historical occupancy over 96% and an excellent property management team. With our capital improvement schedule and planned unit improvements we are optimistic about this project’s long-term potential.”
The project represents the first acquisition by 37th Parallel in the Louisville market. “We really like Louisville’s market fundamentals,” noted Dan Chamberlain, VP and COO, “the employment base is diverse and stable, which is driving strong population growth in the near and long-term.” Chamberlain also pointed out that Louisville was named the 4th strongest market in the nation in terms of job growth by MPF Research, a leading multifamily industry research firm.
Property amenities include a swimming pool, clubhouse, washer dryer hook-ups and private garages for the town home units.
37th Parallel Properties provides commercial multifamily investment and asset management services for select private clients across the United States and Internationally. To learn more, call 888.837.3720.