June 28, 2019
Vazza Real Estate Group acquired Maplewood Apartments, a 292-unit multifamily community in Louisville for $14 million. The seller was undisclosed. Located in Louisville’s West Buechel neighborhood, the community includes a mix of one-, two- and three-bedroom units spread across more than 13 acres.
Kristian Lichtenfels of HFF secured $10.8 million in acquisition financing on behalf of Vazza through a national CMBS lender. Terms of the financing included two years of interest-only payments, followed by a 30-year amortization schedule. Vazza plans to invest additional capital into exterior and interior unit upgrades.
“This deal checked a lot of boxes for us,” said Stephen Vazza, president of Vazza Real Estate Group. “In addition to having great highway access, the property is less than two miles from 2.4 million square feet of retail anchored by a Walmart Supercenter and within three miles of major employers, including UPS, Fort Knox, Ford Motor Company, Humana, Norton Kindred and Yum Brands.”
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