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Oak Capital Partners Completes Purchase of 94 Unit Apartment Complex
Oak Capital Partners is excited to announce the successful closing of a 94-unit apartment building in Louisville, Kentucky. The Class C complex, Norbrook Arms, was purchased for $2.3M and consists of five buildings, with a mix of one and two bedroom units.
Oak Capital sees several value-add opportunities, including upside to increase occupancy and rents. The team plans to implement a program over the next twelve months dedicated to renovating the interiors of the units, raising the rents approximately eight to ten percent, and deploying a water savings program which will help reduce expenses.
“We are excited about Louisville in general because of its strong population, income, and employment growth and particularly this area of the city because of the proximity to the General Electric Appliance Park, which has added 400 jobs in the last year,” says Oak Capital Partners’ Managing Partner Jason Yarusi.
The firm has partnered with local management company, All Trade, which oversees over 4,500 units in the Louisville and greater Kentucky area. 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 asset was purchased using debt and equity, with financing provided by Matt Norman of Arbor Commercial Mortgage.
Oak Capital Partners is a multifamily real estate investment firm looking for value-add opportunities in its core markets. The team is looking to grow its portfolio in Louisville by 500-1000 units over the next year to provide wealth and tax advantages to our investors.
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