LOUISVILLE, Ky., Oct. 11, 2016 /PRNewswire/ -- CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Avana Southgate, a 256-unit apartment community on the south side of the state's largest city.
Situated less than 20 minutes from downtown Louisville, the community sits in close proximity to the city's primary thoroughfares and within nine miles of Louisville International Airport. CAPREIT will renovate portions of the community and add washers and dryers to select homes.
"It's tough to beat the fantastic location of Avana Southgate, with several local businesses in the immediate area and prime access to key destinations throughout the Louisville area," said Ernie Heymann, Chief Investment Officer at CAPREIT. "The community will serve as an excellent housing option for the many local-business employees, as well as those who commute to the airport or the downtown corridor."
Located at 10960 Southgate Manor Drive, Avana Southgate is within minutes of Route 61 and Interstate 65, which offer expedient access to professional employment opportunities throughout the metro area. That includes Worldport, the worldwide air hub for the United Parcel Service. The airport-based hub has more than 20,000 employees. The community also is a short drive from Interstate 265, the gateway to desirable and affluent suburbs on the east side of the city.
Nearby attractions include historic Churchill Downs, Kentucky Exposition Center, Quail Chase Golf Course, Southgate Shopping Center and Jefferson Mall. The community is within walking distance of a Kroger grocery store, a Jimmy John's sub shop and several other fast-casual restaurants. Commuters are a three-minute walk from the Hillview Woods stop on the Louisville TARC bus line on Mud Lane. Less than a mile east, Blue Lick Park is home to several recreational outlets, including athletic fields, running trails and picnic areas.
CAPREIT's planned renovations for Avana Southgate include upgraded stainless steel appliances, plank flooring, new cabinet fronts, two-tone paint and updated plumbing and lighting fixtures. Existing amenities at the pet-friendly community include a state-of-the-art fitness center, resort-inspired swimming pool, resident clubhouse, business center, personal garages and storage areas, grilling areas and tennis and basketball courts.
Avana Southgate consists of 1- and 2-bedroom apartments ranging from 680 to 1,488 square feet. The apartments feature 9-foot vaulted ceilings, private balconies or patios, oversized pantries, washer and dryer connections and gas fireplaces in select homes.
Including Avana Southgate, CAPREIT currently owns and operates nearly 14,000 units across the nation.
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities.
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