Apartment Complex Sells for $23M

LOUISVILLE, KY-Cushman & Wakefield says it has completed the sale of the 328-unit Terraces at Forest Springs apartment complex here for $22.9 million. At roughly $70,000 per unit, it’s the highest price paid for apartments in the city so far this year.

St. Louis-based Michelson Realty Co. bought the property at 3501 Terrace Springs Drive in Louisville from Columbus, GA-based Flournoy Development. The gated community near Interstates 71, 264 and 265 has one- to three-bedroom rental apartments with 92% occupancy.

“The buyer recognized a unique opportunity to purchase a quality asset with a high occupancy rate in a great location,” says Nathan Swenson, an associate with Cushman & Wakefield Apartment Brokerage Services in Atlanta. “The seller recognized the merits of the offer and was able to get this transaction closed in the midst of a challenging investment sales market.”

Swenson was one of eight Cushman & Wakefield brokers who represented the seller and procured the purchaser. The Atlanta-based multifamily brokerage team has sold more than 85,000 units totaling $5.5 billion.