Capital Square Acquires Luxury Community
The acquisition is on behalf of a Delaware statutory trust investment offering that seeks to raise $68 million in equity from accredited investors
LOUISVILLE, KY–Capital Square acquired Lyric at Norton Commons, a Class A+, 273-unit mixed-use multifamily community in the Louisville suburb of Prospect. The community was acquired on behalf of CS1031 Lyric at Norton Commons Apartments, DST (Delaware statutory trust), which seeks to raise $68 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Located at 11210 Peppermint Street, Lyric at Norton Commons offers one-, two- and three-bedroom units averaging 956 square feet. Floor plans feature stainless-steel appliances, quartz countertops, in-unit washers and dryers, walk-in closets and either private patios or balconies.
The luxury community has a 24-hour fitness center, saltwater swimming pool with poolside cabanas, resident lounge with a complimentary coffee bar and business center, pet spa, indoor meditation space, movie room with stadium seating and multiple outdoor courtyards that feature lawn games and grills.
The four-acre Lyric property is located within the 600-acre Norton Commons master-planned neighborhood, which features a 150-acre system of parks, squares, plazas, walking trails, recreational and civic amenities. The Norton Commons town center is home to more than 90 businesses, including restaurants, shops, salons, and a post office. The neighborhood also features three schools, a full-service YMCA and Saint Bernadette Church, home to over 6,600 members.
Prospect, Kentucky, is one of the state’s wealthiest cities with median household incomes exceeding $140,000 within a one-mile radius of the property. Annual multifamily rent growth is projected to reach more than 5% during the next five years, with a 97.3% occupancy rate through 2032, according to data provided by Yardi Matrix.
Greater Louisville hosts a mix of industries, including healthcare and aging innovation, business services, logistics and e-commerce, as well as advanced manufacturing. Louisville’s top employers include United Parcel Service, Jefferson County Public Schools, Norton Healthcare, Ford Motor Company and the University of Louisville Health. Additionally, Fortune 500 companies Humana Inc. and Yum! Brands, Inc., (the American fast-food corporation that operates the Kentucky Fried Chicken, Taco Bell and Pizza Hut brands), are headquartered in Louisville. Florida-based grocer, Publix Super Markets, Inc., is expanding to Kentucky for the first time and will build two 55,071-square-foot grocery stores in Louisville.
Since its founding in 2012, Capital Square has acquired 158 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.