Maven@806
Landmark Historic Multifamily Offering in Louisville's Prolific Medical District
Marketing description
Maven @ 806 offers a compelling opportunity to acquire a fully renovated 51-unit asset located in the highly sought-after trendy neighborhood of NuLu in Louisville, KY. Current ownership has recently invested over $315,000+ in capital improvements and the property is well-positioned for new ownership to focus on immediate revenue growth by streamlining operations and capturing the organic rent growth. The historic former church is located in an opportunity zone and includes modern finishes including stainless steel appliances, LVP / hardwood flooring, granite countertops, and In-Unit Washer / Dryer in every unit.
Maven @ 806 is ideally situated from Louisville’s Prolific Medical District - a 250-acre campus covering 22 blocks, employing 26,000+ people and attracting high-paying jobs and an affluent renter profile. Located in one of Louisville’s Premier Live-Work-Play Neighborhoods and minutes away from the entertainment district including Louisville Slugger Field, a diverse mix of local restaurants, breweries, Muhammad Ali Center and more – Maven @ 806 boasts the opportunity to acquire an asset in a desirable and fast-growing submarket.
Maven @ 806 benefits from convenient connectivity to all of Louisville via I-65, I-64 & I-71 – 3 major interstates offering seamless transportation to both Downtown Louisville, Southern Indiana and Louisville’s East End. The submarket has continued to show impressive growth YoY with improving occupancy trends, currently 95.6%. In addition to the Medical District, the property benefits from proximity to Louisville’s CBD including 70,000+ jobs and $3.2 Billion in ongoing and planned projects Downtown - positioning the asset for durable long-term performance.
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Investment highlights
Extremely Well-Maintained Asset Located in Opportunity Zone
- $315k+ ($6,175/Unit) in CapEx since 2023 (Not Inclusive of Interior Renovations / Church Conversion)
- 100% Modern Unit Finishes including Stainless Steel Appliances, LVP / Hardwood Flooring, Granite Countertops, and In-Unit Washer / Dryer
- 'Turn-Key’ Opportunity With Organic & Operational Upside Including Streamlining Professional 3rd Party Management and Adding New Amenities to Enhance Tenant Experience
- Historic Church Conversion Located in an Opportunity Zone
Proximate to Prolific Medical Corridor & Entertainment District
- .2 Miles To Louisville’s Medical District Including UofL Healthcare, Norton Healthcare, Kentuckyone Health | 26,000+ Jobs
- Minutes Away From Downtown Louisville Entertainment District Including Louisville Slugger Field, Muhammad Ali Center, Kentucky Bourbon Trail And More
- Located In Nulu Louisville’s Premier Live-Work-Play Neighborhoods With Local Restaurants, Nightlife, Art Museums, Parks And Outdoor Venues.
Desirable Location with Strong Submarket Fundamentals
- Desirable Location With Strong Submarket Fundamentals
- Convenient Access To I-65, I-64, & I-71 Connecting The Louisville MSA
- 95.6% Submarket Occupancy
- Minutes From Downtown Louisville CBD 70,000+ Jobs
- $3.2 Billion In Projects Underway Or Planned In Downtown Louisville
Value-Add Opportunity
Maven@806 offers investors a unique opportunity to unlock additional value through a targeted amenity enhancement and revenue optimization program. Potential value-add initiatives include the introduction of a modern pet wash station, enhancement of the existing fitness center through upgraded equipment and finishes, and the creation of an outdoor grilling kitchen and gazebo to elevate the resident lifestyle experience. New ownership also has the ability to implement paid parking within the currently unmonetized gated parking lot, creating an immediate ancillary income stream, as well as the addition of 20–30 rentable storage lockers to generate supplemental recurring revenue. Additional lifestyle enhancements such as a community garden would further promote resident engagement and strengthen the property’s boutique neighborhood feel. Further, a furnished housing program targeting Louisville’s growing LouMed and medical corridor workforce could position select units to capture premium rental rates and professional demand.
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