- Extremely Attractive Basis – Significantly Below Replacement Cost
- Upside of $172/Unit by Bringing Rents to Market
- Premier Quality Asset – 2020 Construction
- Assumable 3.92% Fixed Rate HUD Debt
- 83% 2BR and 3BR Units with Average Unit Size of 1,125 sq. ft.
- Premier Submarket Location & Unmatched Connectivity to Louisville Economic Drivers
- Operational Upside With Enhanced Collections / Reduced Write-Offs
- Operational Upside with Expense Reduction & Management Efficiencies
Extremely Attractive Basis – Significantly Below Replacement Cost
Frontgate Apartments is offered at a highly attractive going-in basis relative to current replacement cost and recent trades across the market. The opportunity to acquire a new construction asset featuring best-in-class finishes and amenities at a significant discount to replacement cost will position new ownership for outsized long-term returns.
Upside of $172/Unit by Bringing Rents to Market
Frontgate Apartments presents significant rental upside with current leased rent of $1,442 positioned below achievable market levels of $1,614, weighted across the unit mix… This upside is strongly supported by nearby Highview Pointe, a comparable community built in 2022 which is located just 0.25 miles north and offering an inferior amenity package!
Highview Pointe currently achieves rents of $1,225–$1,250 for 1-bedroom units, $1,475–$1,525 for 2-bedroom units, and $1,825–$1,850 for 3-bedroom units—all thresholds Frontgate Apartments has already exceeded on numerous executed leases. The proven ability to surpass Highview Pointe’s rent benchmarks clearly illustrates Frontgate’s immediate and achievable rental growth potential.
Premier Quality Asset – 2020 Construction
Frontgate Apartments boasts exceptional, high-quality construction complemented by impressive interior finishes, including granite countertops, stainless steel appliances, stylish tile backsplashes, spacious living rooms with 9’ ceilings, and private patios or balconies. The community offers sought-after, “top-of-market” amenities that boost tenant retention, such as an upgraded clubhouse, resort-style pool, dog spa, bark park, and a 24-hour fitness center.
