With the exception of RiverPark Place, Louisville-based real estate development and management company Poe Companies is seeking a buyer or buyers for four of its small multi-family residential properties.
“All I am going to say is our properties are for sale right now,” said owner and developer Steve Poe.
Poe Companies is looking to sell three Louisville apartment complexes as a single package: Grinstead Place, a 28-unit complex at 2320 Grinstead Drive near Louisville Collegiate School; The Woods at Lexington Road, a 72-unit apartment building at 2139 Lexington Road near the Beargrass Creek Greenway; and Dundee Place, a 20-unit complex at 2242 Dundee Road off Bardstown Road.
The fourth apartment complex, the 96-unit Preston Gardens at 11011 Preston Gardens Court off Mud Lane, also is up for sale but as a separate property.
“We just think it is a great time to sell, but we do not have an ironclad agreement with anybody to sell the apartments,” he said, adding the company will not sell its upscale RiverPark Place condominiums, part of which is still under construction.
A source tells Insider Louisville that Milhaus Ventures, an Indianapolis-based real estate development and management company, is looking to purchase Poe Companies’ properties. Milhaus currently is building an apartment complex at the former Ready Electric site in Clifton.
A call to Milhaus resulted in marketing manager Raven Reckley suggesting IL should contact Poe. However, she acknowledged the two companies have been in talks, but she was not at liberty to speak about it.
“We are looking for new properties all the time,” Reckley said. “We just don’t have anything to comment on in regards to any acquisitions.”
Poe said he believes the demand for multi-family homes will start to decrease in the near future, and the people who pay $1,300 to $2,000 a month to rent high-end apartments will start looking to buy homes.
“Everything in real estate has cycles, and I am sort of the belief that maybe the apartments have run their cycle. There are a lot of apartments being built in the city right now,” he said. And “you don’t know when the next housing boom is going to happen.”
For now, Poe Companies will focus on developing hotels, such as the 175-room Aloft at First and Main streets in Louisville, a 430-room hotel in Austin, and a 491-room hotel in Denver.
During the next two to four years, Poe said, the company will have two to three major projects in fast-growing cities in the United States.
Poe also has a couple ideas for projects in Louisville, but “nothing we are going to talk about,” he said, adding: “We are not done investing in downtown.”