California-based Cherry Tree, in partnership with Revitate, has acquired Beech Grove Apartments, a 182-unit workforce community in Jeffersonville, Ind. Berkadia arranged $15.2 million in acquisition financing through Freddie Mac on behalf of the borrower. The 10-year loan features five years of interest-only payments. EMK Property Investors, based in Ohio, sold the property, according to public records.
Constructed in 1972 and renovated in 2006, the property encompasses a mix of one- and two-bedroom apartments, ranging from 603 to 871 square feet, according to Apartments.com. Community amenities include a fitness center, pet park, and swimming pool.
Located at 3014 Beech Grove Ct, the property is within 4 miles of downtown Jeffersonville and roughly 8 miles from downtown Louisville, Ky., providing access to employment and entertainment hubs.
Louisville on the Rise
Thanks to Louisville’s growth, driven by its competitive business environment and affordable cost of living, employers continue to be drawn to the metro, according to prepared remarks from Chris Marsh, co-founder & general partner of Revitate Cherry Tree.
Cherry Tree has partnered with Revitate to acquire, reposition, and manage multifamily communities across key markets in the U.S., with a major focus on Sun Belt value-add properties and workforce housing in the Midwest.
The partnership launched its first multifamily fund in October last year, kicking it off with a $52 million acquisition of three workforce housing communities in Kansas and Kansas City.