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A 270-Home Luxury Apartment Community Located in Louisville's A 270-HOME LUXURY APARTMENT COMMUNITY LOCATED IN LOUISVILLE’S AFFLUENT EAST END Marty O’Connell, a licensed real estate broker in the state of Kentucky, along with Holliday Fenoglio Fowler, L.P. (collectively “HFF”). License #68521 EXECUTIVE SUMMARY HURSTBOURNE ESTATES OFFERING SUMMARY 10405 Watermark Place STREET ADDRESS: Louisville, KY 40223 TOURS: Please contact Wick Kirby COUNTY: Jefferson (312-980-3611 or [email protected]) to schedule a tour. 16 Two-Story Buildings 1 Three-Story Building NUMBER OF BUILDINGS: 1 Clubhouse 8 Detached Garage Buildings NUMBER OF HOMES: 270 The Owners and HFF respectfully request that interested parties refrain from contacting on- RENTABLE SQUARE FEET: 285,900 SF site personnel or residents. AVERAGE HOME SIZE: 1,059 SF OCCUPANCY 92% (as of 8/30/2018) FINANCING: The property is available on a YEAR BUILT: 2014 free-and-clear basis. Please contact Jason Bond (312-980-3608 or [email protected]) to discuss 96 Attached Garage Spaces financing options. 73 Detached Garage Spaces PARKING: 311 Surface Spaces 480 Total Spaces PARKING RATIO: 1.78 2 EXECUTIVE SUMMARY HFF is pleased to present Hurstbourne Estates, a 270-home luxury garden- style apartment community located in the desirable East End of Louisville. The property offers spacious modern apartments, state-of-the-art community amenities, and access to top area employers, schools, and retail. EXCELLENT LOCATION z Conveniently located within a 25-minute drive of the Louisville CBD, 6 Fortune 1000 companies and several universities and hospitals z Nearby Hurstbourne Parkway Office Corridor contains over 2.45 million SF of office space along a 2-mile stretch DESIRABLE AND AFFLUENT EAST END NEIGHBORHOOD z Average household income and median home value are $146,300 and $340,000+, respectively, within a one-mile radius of the property z The low 17% rent-to-income ratio at the property suggests a financially stable resident base with the ability to continue to absorb higher rents SUPERB LOUISVILLE APARTMENT SUBMARKET z 2.7% projected annual growth in effective rent in submarket over next three years per Axiometrics z 94.4% occupancy in 2Q18 and 95%+ average occupancy over last five years for the submarket Source: Axiometrics Quarterly Market Trends, Northeast Jefferson County, 2Q18 UNIT MIX SUMMARY (AS OF 08/30/2018) DESCRIPTION COUNT SQ. FT. MARKET RENT PSF ACHIEVED RENT PSF* 1x1 116 homes ±829 $984 $1.19 $985 $1.19 2x2 132 homes ±1,199 $1,301 $1.08 $1,227 $1.02 3x2 22 homes ±1,428 $1,526 $1.07 $1,585 $1.11 TOTAL/AVG 270 HOMES ±1,059 $1,183 $1.12 $1,147 $1.09 *Square Footage used is of leased homes HURSTBOURNE ESTATES 3 LUXURY LIVING WHAT MAKES A COMPLEX A COMMUNITY Superior Townhome Gathering Convenience Amenities Features Space Resort-Style Private Modern Business Center Swimming Pool Entrances* Clubhouse Package Receiving & Sundeck Direct-Access Large Extra Storage Fire Pit & Lounge Attached Garages Community Available Available Expansive Kitchen On-Site Fitness Center Manicured Courtyards & Recreation Room Maintenance & Dog Park Walking Paths Billiards Table Management Controlled BBQ/Picnic Area Access/Gated *Select Homes 4 EXECUTIVE SUMMARY WHAT MAKES AN APARTMENT A HOME GOURMET KITCHENS Open, Spacious Layouts with Built-In Islands* Shaker-Style Espresso Cabinets Granite Counters Large Breakfast Bar* Brushed-Nickel Hardware Sleek Black Energy-Efficient Appliances Over-The-Range Microwave Garbage Disposal MODERN DESIGN Wood-Style Flooring Pendant Lighting Fixtures 9’ Ceilings With Crown Molding (& Tray Ceiling on 3rd Floor) Stylish 2” Blinds Multi-Panel Doors FAMILY-FRIENDLY FEATURES Attached Garage Access* In-Unit Full-Size Washer & Dryer Oversized Closets & Built-In Shelving Plush Carpet in Living Room & Bedrooms Patio or Balcony Extra Storage *Select Homes POTENTIAL FUTURE PREMIUM UPGRADES Stainless-Steel Designer Kitchen Extended Wood- Additional Appliances Backsplash Style Flooring Dog Park *Select Homes HURSTBOURNE ESTATES 5 STRONG DEMOGRAPHICS SUPPORT TOP RENTS DEMOGRAPHICS IN ONE-MILE RADIUS OF PROPERTY IMPRESSIVE $146,300 62% COLLEGE EDUCATED Nearly two-thirds of the area population is AVG. HOUSEHOLD INCOME college-educated and 26% hold a master’s The average household income of $146,300 is or higher degree. NEARLY DOUBLE the Louisville Metro average of $78,700. 3.7% UNEMPLOYMENT 15% POPULATION GROWTH The Louisville MSA unemployment rates is The Louisville Metro grew 15% since 2000 a low 3.7%. and is expected to grow another 3% in the next five years. Sources: Spotlight Pop-Facts, Dec 2017; BLS, Dec 2017 HIGH RESIDENT INCOMES SUPPORT RENT GROWTH The average household income of residents at Hurstbourne Estates is a notable ~$85,000, which makes renting at the property well within the 30% affordability test for rent as a fraction of total income. Hurstbourne Estates’ market rents are just 17% of the average monthly resident HHI, leaving a sound rent buffer of 13%. $2,125 30% OF 17% | $1,183 INCOME AVG MARKET RENT 13% | $942 RENT $85,000 $7,083 CUSHION AVG RESIDENT AVG RESIDENT 17% ANNUAL HHI MONTHLY HHI RENT-TO-INCOME RATIO 6 EXECUTIVE SUMMARY SUPERB HOUSING VALUE FOR AFFLUENT EAST END LOUISVILLE The highly desirable East End neighborhoods of Louisville are comprised of golf-course adjacent estates, stately colonials, and newly built mini mansions. These high home values make renting a financially sensible option for many wishing to live in this sought-after Louisville market. PRICEY HOMES IN 1-MILE RADIUS LOUISVILLE’S HOT HOUSING MARKET $214,900 JUL 2017 $342,100 31% MEDIAN HOME VALUE GROWTH IN SINGLE FAMILY The median home value within HOME MEDIAN LIST PRICE one-mile of Hurstbourne Estates of over $342,000 or nearly double the metro median makes renting a sensible option for many. $147,500 DEC 2014 Source: Zillow Group, Median List Price, Aug 2018 RENT VERSUS BUY ANALYSIS $342,100 Median Home Value within One-Mile of Property 1.7X MORE EXPENSIVE TO BUY A HOUSE Estimated Monthly Mortgage Payment* $1,978 WITHIN ONE-MILE THAN RENTING $1,183 Monthly Average Market Rent at Property AT HURSTBOURNE ESTATES $795 Monthly Premium for Owning vs. Renting *Calculation assumptions: 30-yr fixed mortgage, 10% down payment, 3.75% interest rate, $293 monthly tax escrow (based on average area tax rate), $67 monthly insurance escrow ($800 Annual Expense), and $192 PMI payment (0.75% rate). EXPENSIVE HOMES FOR SALE NEARBY STATELY MANSION GOLF COURSE ESTATE NEW CONSTRUCTION HURSTBOURNE, KY $1.05MM HURSTBOURNE, KY $2.95MM HURSTBOURNE, KY $902K HURSTBOURNE ESTATES 7 A Louisville's small but mighty $70 billion economy is bolstered by its position in the "Urban" or "Golden Triangle" along with nearby Cincinnati and Lexington. This region constitutes 50% of the population, 59% of employment, and 54% of the business establishments in Kentucky.1 Louisville has also become recognized for a robust healthcare industry, six Fortune 1000 firm headquarters, and a blossoming new business/start-up culture. FORTUNE 1000 COMPANIES OTHER TOP EMPLOYERS AIRLINES #9 #53 BEST CITY FOR JOB SEEKERS ZipRecruiter, 2017 #376 #422 A BEST #713 ENTREPRENEURIAL CITY Entrepreneur.com, 2014 #914 1 University of Kentucky Center for Business and Economic Research, "Kentucky Annual Economic Report," 2015 #942 8 EXECUTIVE SUMMARY SOUTHERN BUSINESS HOSPITALITY Louisville is recognized for its financial stability, diverse economy, infrastructure, healthcare, safety, and low cost of living. In fact, Site Selection magazine consistently names Louisville a top tier metro for expansion. Ford Kentucky Truck Plant <10 min. drive from Hurstbourne Estates LOUISVILLE IS AN INAUGURAL #10 CITY FOR GOOGLE’S “FASTER, #7 BEST RUN CITY FAIRER, KINDER INTERNET” TOP TIER METRO Wallethub, 2017 INITIATIVE Site Selection Magazine, 2017 MANUFACTURING #1 CITY FOR MANUFACTURING MADE IN LOUISVILLE 30% GROWTH IN MANUFACTURING SINCE 2011 $900mm INVESTMENT Ford plans to make an additional $900 million investment in its Kentucky truck plant (<10 min. drive from Hurstbourne Estates) on top of its $1.3 billion investment in late 2015.1 NAVIGANT 1 Forbes, June 2017 HURSTBOURNE ESTATES 9 #3 Largest Employer in Louisville #53 Fortune Rank Humana HEALTHCARE TRIFECTA Louisville has emerged as a major center for the health care and medical sciences industries for its superior front-line care delivery, innovation, and healthcare logistics. The metro’s combination of large healthcare companies, premier hospitals, and medical research facilities has created a healthcare infrastructure that further bolsters economic development. LEADING COMPANIES EXCELLENT HOSPITALS CUTTING EDGE RESEARCH Louisville has been central to Louisville is home to three advancements in medicine Seven of Louisville's 20 largest outstanding hospitals: Norton including pioneering the first employers operate in the health- Hospital, Baptist Health, and Jewish artificial heart. The University care industry ranging from Hospital, which US News ranked of Louisville Cancer Center also insurance companies to hospitals. the #4, #5, and #6 Best Hospitals boasts the nation’s largest pipeline in Kentucky, respectively. of cancer drugs.1 TOP METRO HEALTHCARE EMPLOYERS # EMPLOYEES #5 Best Hospital in Louisville Baptist Health Louisville Humana 12,500 6 miles from Hurstbourne Estates Norton Healthcare 11,389 KentuckyOne Health 6,000 Baptist Healthcare 4,995 ResCare 2,435 Kindred Healthcare 2,381 Floyd Memorial Hospital 1,950 Sources: Greater Louisville Chamber of Commerce, 2016 1The Lane Report, Health care energizes Louisville economy, Apr 2013. 10 EXECUTIVE SUMMARY TOP RATED EDUCATION OPTIONS PUBLIC SCHOOLS PRIVATE SCHOOLS Residents of Hurstbourne Estates are served by the Almost one third of students in Louisville (~31,000 Jefferson County Public School District including students) attend one of 98 private schools in the A- rated Bowen Elementary School just 2 miles metro per the Private School Review. 16 Louisville away and Eastern High School, which ranks in the private schools—including Kentucky Country Day Top 6% of public high schools in Kentucky per School—ranked in the top 40 schools in Kentucky Niche.com in 2018.
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