(To read more on the multifamily market, click here.)
LOUISVILLE, KY-Northern Group Inc. has purchased the156-building, 622-unit Americana Apartment complex, near theLouisville International Airport. The property, known as the city'slargest immigrant resettlement site, is stretched out across 36acres.
The New York City-based Northern Group says the buildings, builtin 1948, have a 90% occupancy rate. A spokeswoman for the companytells GlobeSt.com that there are plans to renovate the property,and use PMR Cos. to manage the site. "Due to the lack ofsignificant maintenance work, rents have not increased in threeyears," she says. "They will put money into rehabbing, with all newwindows and amenities."
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