Echelon at Middletown – Louisville, Kentucky – 210 Unit Apartment Development – 100% Owned by WRP I

Opportunity

A 210-Unit, Big House-style, joint-venture apartment development with Indiana-based developer, The Garrett Companies. The submarket benefited from very little supply of apartments delivered in recent years due to difficult land use regulations and lack of available sites. Site is within walking distance of Target, Kroger and various restaurants. In October 2019, Echelon at Middletown was sold after reaching stabilization, generating an IRR of 18.0% and an Equity Multiple of 1.8 to 1.

Property

17 Two-Story Buildings

Size

210 Units

Built

2016-2017

Ownership

100% WRP I

Sold

October 2019

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