Privately-held real estate investment firm Four Mile Capital (FMC) has acquired a 141-unit multifamily community in Louisville, Ky., for $22 million.
Known as the Avalon Springs Apartments, the community was built in 2018 on nearly 18 acres of land and is currently 99 percent leased. The property consists of 125 two-bedroom townhome units, each with 1,322 square feet of living space, as well as 16 two- and three-bedroom apartments.
Lincoln Property Management was awarded the management contract.
“We’re incredibly proud of this acquisition, completed during one of the most challenging economic environments we’ve ever experienced and executed at our original contract price,” said Eric Mallon, a founding partner of FMC.
Avalon Springs is located 20 minutes from downtown Louisville, 13 minutes from Louisville International Airport and just minutes from several of the major employers in the area, including GE Appliances, Ford Motor Co., and UPS’s glo
