Middleburg Sells Affordable Multifam in Louisville Following Makeover
Vienna, VA-based Middleburg Communities has sold Vesta Derby Oaks, a 418-unit apartment community at 3237 Utah Avenue in Louisville, KY.
Travis Presnell, Mike Kemether and Craig Collins of Cushman & Wakefield represented Middleburg Communities the sale.
Middleburg acquired the blighted, mostly abandoned property in December 2018 and invested more than $17 million in redevelopment. The City of Louisville and Jefferson County providing financing through the Louisville CARES program, which incentivizes the development of affordable housing.
At the time Middleburg acquired it, the property was approximately 15% occupied with most of the buildings in shell or uninhabitable condition. At the time of sale, Vesta Derby Oaks was 95% leased and occupied.
“The transformation of Vesta Derby Oaks was a game-changer for the community, bringing a formerly desolate property back to life while allowing existing residents to stay and welcoming many more to the restored apartments,” said Middleburg Communities VP of asset management Michael Bediones.
- ◦Sale/Acquisition
