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 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 Louisvilleā€™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.