11/29/2007

PRG acquires Louisville multi-family for $14M

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River Oak Apartments

Philadelphia, Penn.-based PRG Real Estate Management has purchased the 268-unit River Oak Apartments in Louisville, Ky., for $14.12 million from Geneva, Ill.-based River Oak Apartments, LLC.

Rick L. Vidrio, Rick Brace and Todd Stofflet of Hendricks & Partners' Detroit office represented the seller in the transaction.

Built in 1989, the complex is located at 2400 Mellwood Ave. and is comprised of 14 two and three-story buildings. It was 81 percent occupied at the time of sale and consists of one and two-bedroom units. PRG plans to reposition the property and invest in capital improvements to the interior and exterior.

PRG financed the acquisition by placing a conventional 80 percent Freddie Mac loan in the amount of $11.5 million for a 10-year term at an interest rate of 5.85 percent.

Address: 2400 Mellwood Ave., Louisville, Ky.

Size: 268 units

Built: 1989

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Filed Under: Multi-Family

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