Crossing at Mill Creek

Crossings at Mill Creek

4710 Mill Trace Pl, Louisville, KY 40216
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Investment summary

Year built2023

Units180

Average unit sf1,053

Average market rent$1,234

Occpuancy70%

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Executive summary

Crossing at Mill Creek is an affordable apartment community, located in the Hazelwood neighborhood of Louisville, KY. The brand-new complex built in 2023, features 3-stories, 180-units with spacious 1-, 2-, and 3-bedroom living spaces. Residents enjoy the community amenities ranging from a sparkling swimming pool, 24-hour access, playground, clubhouse, and on-site maintenance. The property provides an excellent location near Hazelwood Shopping Center, the University of Louisville, Belknap, and the Louisville International Airport.

Bang Realty. Inc | License No. 204982

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Investment highlights

50% Project-based voucher

Crossings at Mill Creek benefits from a Project-Based Voucher (PBV) contract that covers 50% of the units. The contract is 20 years and does not expire until 2043. The PBV will help the property maintain strong occupancy, limit turnover, and allows an owner to request rent adjustments annually. Additionally, there is significant overhang that provides additional income for the property.

Attractive in-place financing

The property has tax-exempt bonds for the construction and permanent financing with an attractive interest rate of 3.9%. Perm conversion is expected to occur in mid-2025. Stepping into the partnership removes interest rate risk that so many new projects are experiencing.

Robust AMI growth

The Area Median Income for 2024 in Louisville is $96,400 which translates to a 23% increase over the last three years or 7.8%/year. Over the last 10 years, the annual average increase is 4.7%.

Strong market & location

Louisville is the state’s largest city with an MSA population of over 1.2 million people. The city has experienced consistent population growth over the years. Crossings at Mill Creek is located less than 15 miles from downtown Louisville just minutes from the Hazelwood Shopping Center, the University of Louisville Belknap campus, Norton Hospital and the Louisville International Airport.

Community

  • Swimming pool
  • Clubhouse
  • Playground
  • Computer lab
  • On-site laundry
  • Bbq area
  • On-site maintenance
  • 24-hour access

Apartment

  • Air conditioning
  • Heating
  • Tub/shower
  • Dishwasher
  • Kitchen disposal
  • Spacious floor plans
  • Ceiling Fans
  • Oversized windows pantry
  • Storage
  • Oven
  • Refrigerator
  • Freezer
  • Microwave

Exclusively listed by

Michael Furrow

SVP, Investment Sales