Rosewood Realty Group arranged the sale of a garden-style six building multifamily development in New Albany, IN for $22.2 million. The firm’s Aaron Jungreis and David Wildes represented both the undisclosed buyer from the New York tri-state area and the seller, a local developer/builder.
The deal was for the Stonecrest Apartments at 4719 Grant Line Rd. In New Albany, which is situated along the Ohio River opposite Louisville, KY.
The six newly constructed buildings total 144 units. The units are all two bedrooms and total 140,544 square feet. The first building was completed in 2017 and the sixth building opened in 2021. The going-in cap rate was above 5%.
“New Albany is located just a few miles from Louisville and has seen steady population growth over the last 10 years, so this represents a solid purchase for the buyer,” said Wildes.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).