Elmington Capital Group invests in Fountain Square Apartments, says Chief Manager Scott Sohr.
Scott Sohr of Elmington Capital Group recently announced the purchase of Fountain Square Apartments in Louisville, Kentucky. The development of garden-style apartment communities is located in the West Buechel area of the bustling city, stated Scott Sohr.
Elmington Capital Group, reported Scott Sohr, paid $22 million for the high occupancy rate properties. Fountain Square Apartments are convenient to shopping and services, with economic growth providing plenty of employment opportunities for residents, according to Scott Sohr. This has attracted people to Louisville and, said Scott Sohr, Fountain Square Apartments are ideal for couples interested in raising a family.
Four separate units, each within three blocks from each other, make up Fountain Square Apartments, described Scott Sohr, and the biggest complex is Fountain Square itself, containing 320 units. Fountain Square Apartments feature a $250,000 splash park and playground for kids, a tennis court and an outdoor basketball court, and a courthouse that includes pool and ping pong tables, added Scott Sohr.
Close by is the Green Meadows apartment complex, containing 152 units. According to Scott Sohr, Green Meadows Apartments has a private balcony or patio attached to each unit. Thirty percent of the units have been upgraded to brand new showers and vanities in the bathrooms, and Scott Sohr said the complex is within walking distance to nearby Wal-Mart and Target, as well as a drugstore and hardware store.
Hikes Lane Apartments feature 64 units, with a brand new laundry facility on site, related Scott Sohr. Praising Hikes Lane's low turnover and high senior population, Scott Sohr said this makes the complex ideal for retirees. Hikes Lane is also within walking distance of Wal-Mart, Target, and other shops. The units are reasonably priced and economy-sized for seniors looking for a simple, accessible layout.
Scott Sohr stated that the Liverpool Lane complex features 60 units, all small in size and low-priced. Liverpool Lane shares amenities with Green Meadows, including the upgraded laundry facilities.
Scott Sohr emphasized that while the apartments were built in the 1960s, the previous owners spent millions of dollars on improving the units, upgrading roofs, HVAC and plumbing systems, windows and patio doors, and more. The investment is expected to bring a 15 percent ROI in the first year, Scott Sohr said, with returns increasing to the high teens by the seventh year. Scott Sohr believes Fountain Square Apartments' history of high occupancy and its convenient location will make the investment a success for many years.
Scott Sohr is chief manager of Elmington Capital Group, a privately-held investment firm located in Nashville, Tennessee. Elmington Capital focuses on investing in diverse real estate projects that show a promising return. To contact Scott Sohr, call 615-333-0100.