Finance Q Kentucky

Steadfast Income REIT closes $10 million multi-family acquisition in Louisville

Steadfast Income REIT, Inc. recently closed the $10.42 million acquisition of Cooper Creek Village Apartments & Townhomes, a 123-unit complex in Louisville, marking the REIT’s second Louisville-area property. In May of 2011, Steadfast acquired Arbor Pointe in the Jeffersontown area of the city.

Steadfast Income REIT, Inc. recently closed the $10.42 million acquisition of Cooper Creek Village Apartments & Townhomes, a 123-unit complex in Louisville, marking the REIT’s second Louisville-area property. In May of 2011, Steadfast acquired Arbor Pointe in the Jeffersontown area of the city.

“Cooper Creek is a stabilized multi-family community that presented us with an attractive opportunity to increase our presence in the Louisville metro area,” said Rodney Emery, chief executive officer and president of Steadfast. “We think this asset is consistent with our focus on acquiring established apartments in locations that present strong opportunity for rent growth and value appreciation.”

Built in 1997, Cooper Creek is currently 88 percent occupied, and consists of one- and two-bedroom apartments, plus two- and three-bedroom townhomes. The units average 1,300 square feet with many offering walk-in closets, full-size washer and dryer connections, fireplaces, finished basements and 9-foot ceilings.  Additionally, on-site amenities include a clubhouse, fitness center, business service center, swimming pool and laundry facility.