Beitel Group and The Scharf Group, both New York City–based single-family offices, have sold The Park at Hurstbourne, a 689-unit apartment complex in Louisville, Ky.
The investment achieved an IRR of 26.66 percent and an equity multiple of 2.3x for the investors.
The unemployment rate in Louisville dipped to 5.9 percent during the third quarter, a 1,090 basis points decrease from the high of 16.8 percent in April, a welcome sign that the local economy has begun to turn the corner toward a full recovery.
Beitel Group is a family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Beitel currently owns and operates a multifamily portfolio spanning nine states, consisting of more than 10,000 units.
The Scharf Group is a fourth generation family office; it is an owner, developer and operator of a large portfolio of commercial, multifamily, healthcare and senior housing pr
