3061 Sprowl RdJeffersontown, KY 40299

Property Details for 3061 Sprowl Rd

Year built

1971

Lot size

3.60 AC

Property size (Sq ft)

139,530 SF

Property type

Apartment buildings

Description

This fee-simple, stabilized Class B multifamily property, Union at JTown, offers 131 units across six, three-story buildings situated on a 3.598-acre lot in Louisville's desirable Jeffersontown submarket. The property boasts 139,530 square feet of total space, with 117,525 square feet of net rentable area. Built in 1971/1972 and extensively renovated between 2020 and 2023, Union at JTown features upgraded units with granite countertops, stainless steel appliances, new modern cabinets, vinyl plank flooring, tile showers, and washer/dryer connections in select units. A new leasing office and fitness center were added to one location, and a swimming pool to another. Currently operating at 95.42% occupancy (as of October 7, 2024), the property benefits from significant rent growth potential, with in-place rents $55 below current market rates and a 5.65% year-to-date lease trade-out growth in 2024. An attractive existing loan is assumable, with details as follows: originated April 2020, matures May 2032, 12-year term, approximately 2.5 years remaining on the 7-year interest-only period, 3.11% interest rate, and a $7,597,000 loan balance. Further revenue enhancement opportunities exist through the addition of bulk internet and/or valet waste services. The property's strong performance and location in a high-growth market make it an exceptional investment opportunity.

Location Insight

City

Jeffersontown

County

Jefferson

State

Kentucky

Latitude

38.1964

Longitude

-85.5685

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