PARKSIDE APARTMENTS

INVESTMENT HIGHLIGHTS

• VALUE ADD OPPORTUNITY – Renovated units are currently achieving a $75/mo premium on partially renovated units. With light upgrades, an incoming investor can bring the remaining units to similar finishes and average $900/mo for 1- and 2-bedroom units, an increase of over $5,500 per month of revenue, adding $943,000 of value when capitalized at a 7 cap.
• PRIME LOCATION – Parkside Apartments is located blocks from 10th Street offering proximity to shopping, dining, and entertainment options and around the corner from Bob Hedge Park. Additionally, tenants benefit from easy access to Jeffersonville Waterfront Park and the Louisville Waterfront Park both with walking and biking paths that connect the two. The property is also only minutes from the University of Louisville, Indiana University SE Grad Center, and Southern Baptist Seminary. Furthermore, the River Ridge project is less than 15 min away from Jeffersonville, a 6,000 acre business park.
• KEY CITY INVESTMENTS – The property is located in Jeffersonville, IN, a 5-minute drive across the bridge to Louisville and has established itself as a gentrifying and growing market. A couple of notable investments in the city include:
  • Canadian Solar, building a solar cell plant to create 1,200 jobs
    • Jeffboat redevelopment, a $1bn plan to redevelop 100-acre riverfront which
      would include a park, hospitality, mixed-use commercial and multifamily property.
    • $33mm natatorium in planning by the city
• OPPORTUNITY TO ASSUME EXISTING LOAN
  • Loan details: 
    • Freddie 
    • Interest Rate: 3.82 
    • Maturity: 3/1/2029 
    • As Feb 2025- Unpaid Principal Balance: 2,140,616 
    • Amortization: 30 Years