LHT

Lower Hunters Trace

4610 Kerrick Ln, Louisville, KY 40216
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Investment summary

Year built2023

Units168

Average unit size1,036 sf

Average market rent$1,249

Occupancy100%

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Executive summary

Built in 2023, Lower Hunter’s Trace is a modern 168-unit affordable housing community. The spacious 1-, 2-, and 3-bedroom units feature air conditioning, heating, dishwasher, refrigerator, a tub/shower, built-in storage and more. Community amenities include a laundry facility, clubhouse, 24-hour access, playground, pool, and on-site maintenance. Located in the Pleasure Ridge Park neighborhood, 14-miles from Downtown Louisville , residents can enjoy the easy access to U.S. Routes 60 and 31W connecting them to the area’s top attractions and major employers.

Bang Realty. Inc | License No. 204982

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Investment highlights

50% Project-based voucher

Lower Hunter’s Trace 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 around 12/1/2024. Stepping into the partnership removes interest rate risk that so many new projects are experiencing.

High occupancy

Lower Hunter’s Trace had a quick lease-up and is now 100% occupied.

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. Lower Hunter’s Trace is located in the Pleasure Ridge Park neighborhood, situated on the outer loop of the city, less than 15 miles from downtown Louisville. The location allows for residents to enjoy the benefits of suburban living with close proximity to the area’s major employers and modern amenities.

Community

Community

  • Swimming pool
  • Laundry facilities
  • Playground
  • Clubhouse computer lab
  • On-site maintenance
  • 24-hour access

Apartments

  • Air Conditioning
  • Heating
  • Tub/Shower
  • Dishwasher
  • Washer & Dryer Hookups
  • Kitchen Disposal
  • Spacious Floor Plans
  • Ceiling Fans
  • Oversized Windows Pantry
  • Storage
  • Oven
  • Refrigerator
  • Freezer
  • Blinds

Exclusively listed by

Michael Furrow

SVP, Investment Sales