East End apartment building sells for $25.5 million

Breckinridge Square is located near the Breckinridge Inn. | Courtesy of Commercial Kentukcy

A 294-unit apartment complex located near Interstate 264 recently sold for $25.5 million. The property’s assessed value is $9.8 million.

Breckinridge Square is a 45-year-old apartment complex with modern amenities such as a clubhouse, pool and fitness center. It offers one-, two- and three-bedroom units, with rents ranging from $744 a month to more than $1,000 a month, according to Apartment Guide.

Cushman & Wakefield/Commercial Kentucky represented the seller, Massachusetts-based real estate investment firm Stratford Asset Management Co., a news release states. According to the company’s website, the firm doesn’t own any other properties in Louisville.

The buyer is RealSource Properties, a Salt Lake City-based property investment and management firm. According to its website, this is the first apartment property the company owns in Louisville; it does own and manage The Creeks at Lansdowne in Lexington and The Mill at Georgetown in Georgetown, Ky.

“Because the property is located in the desirable sub-market of St. Matthews, the buyer projects substantial rental growth after a full renovation to take advantage of the expansion of Louisville’s largest suburban medical complex just a half mile from the front door of Breckinridge Square,” said Craig Collins, senior real estate advisor for Cushman & Wakefield/Commercial Kentucky, in the release.

The release did not say how much RealSource Properties plans to invest in the renovations but noted it is an easy distance to job centers including the GE Appliance Park, UPS and Ford’s Louisville Assembly Plants.

This property is the latest Louisville apartment sale Cushman & Wakefield/Commercial Kentucky has announced.

Most recently, the real estate firm represented the sellers in the sale of a 212-unit apartment complex near Westport Road and the Gene Snyder Freeway; the purchase price was $30 million. A few month before that, the company sold a local apartment complex as part of a $74 million deal.