Assets Under Management:
Oak Capital Partners Completes Purchase of 48 Unit Apartment Complex
Oak Capital Partners is excited to announce the successful closing of a 48-unit apartment building in Louisville, Kentucky. The Class C complex, Preston Lee, was purchased for $1.5M and consists of five buildings and all two bedroom units.
Oak Capital sees several value-add opportunities, including upside on operational efficiencies and significant upside on rents. AllTrade, which oversees over 4,500 units in the Louisville and greater Kentucky area, will be providing third-party management services. AllTrade will bring a modern, best-in-class property management approach in order to tighten operations, and increase resident retention to strengthen performance of the asset.
The team plans to implement systematic and strategic changes immediately, to include implementation of a formal application and screening process, formal collections and and accounting processes, and implementation of a water savings program to help reduce expenses. A construction plan will be deployed in the first ninety days which will address exterior, cosmetic, and common area items. The building will also be re-branded as part of the marketing plan.
“We are excited about the growth and opportunity that Louisville brings. We are looking to continue to grow our portfolio in the area, and have a positive impact on neighborhood and community redevelopment,” says Oak Capital Partners’ Managing Partner Jason Yarusi.