Dome Equities Acquires Louisville, Kentucky Apartments
NEW YORK, November 1, 2016-- Dome Equities, LLC today announced the acquisition of Avana Southgate, a Class A apartment community located in south-central Louisville. Residents enjoy access to the Commerce Crossings Business Park next door, and are only eight miles from the work sites of Louisville’s three largest employers, UPS, Ford and GE Appliances. Built in 2001, the property is comprised of 256 apartments, consisting of one and two bedroom units with an average square footage of 932.
Dome’s value-add renovations will include vinyl plank flooring throughout all first floor and upper floor units, carpet replacement in bedrooms and living areas, stainless steel kitchen appliances, bathroom amenity updates, light fixture updates, and two tone gray paint in the living, dining, and kitchen areas. The interior renovations will be completed over a 3 ½ year timeframe.
“We believe Avana Southgate is an excellent addition to our nationwide apartment portfolio, providing further exposure to another metropolitan area with above average growth prospects. A lower cost structure for doing business coupled with favorable population trends are helping this region outpace the national averages,” said Eric D. Jones, Dome Equities’ Chief Investment Officer.
Dome’s apartment portfolio of 31 properties totals nearly $1.25 billion.
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