Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Lyric at Norton Commons, a Class A+, 273-unit mixed-use multifamily community in the Louisville suburb of Prospect. The community was acquired on behalf of CS1031 Lyric at Norton Commons Apartments, DST, which seeks to raise $68 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“A property of this caliber rarely comes along,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Lyric at Norton Commons Apartments is among the nicest properties Capital Square has acquired in the past 10 years. This is a unique opportunity to own the nicest, Class A + apartment community in the region.”
Located at 11210 Peppermint Street, Lyric at Norton Commons offers one-, two- and three-bedroom units averaging 956 square feet. Spacious floor plans feature top-of-the-line finishes, including stainless-steel appliances, quartz countertops, in-unit washers and dryers, large walk-in closets and either private patios or balconies. The luxury community is highly amenitized with a 24-hour state-of-the-art fitness center, resort-style saltwater swimming pool with poolside cabanas, resident lounge with a complimentary gourmet coffee bar and business center, pet spa, indoor meditation space, movie room with stadium seating and multiple outdoor courtyards that feature lawn games and grills.
“Lyric at Norton Commons is one of the most luxurious multifamily communities in the Louisville market, featuring high-end interior finishes and extensive community amenities that are increasingly popular among affluent renters,” said Whitson Huffman, co-chief executive officer. “Located in the premier Norton Commons master-planned community, residents enjoy ready access to the neighborhood’s beautiful parks, bustling town center and numerous retail options. This is a unique multifamily community that delivers among the finest rental living options.”
The four-acre Lyric property is located within the 600-acre Norton Commons master-planned neighborhood, which features a 150-acre system of parks, squares, plazas, walking trails, recreational and civic amenities. The lively Norton Commons town center is home to more than 90 businesses, including restaurants, shops, salons, and a post office. The neighborhood also features three schools, a full-service YMCA and Saint Bernadette Church, home to over 6,600 members.
Prospect, Kentucky, is one of the state’s wealthiest cities with median household incomes exceeding $140,000 within a one-mile radius of the property. Annual multifamily rent growth is projected to reach more than 5 percent during the next five years, with a 97.3 percent occupancy rate through 2032, according to data provided by Yardi Matrix.
Greater Louisville is also a thriving economic hub with a diverse mix of industries, including healthcare and aging innovation, business services, logistics and e-commerce, as well as advanced manufacturing. Louisville’s top employers include United Parcel Service, Jefferson County Public Schools, Norton Healthcare, Ford Motor Company and the University of Louisville Health. Additionally, Fortune 500 companies Humana Inc. and Yum! Brands, Inc., (the American fast-food corporation that operates the Kentucky Fried Chicken, Taco Bell and Pizza Hut brands), are headquartered in Louisville. Florida-based grocer, Publix Super Markets, Inc., is expanding to Kentucky for the first time and will build two 55,071-square-foot grocery stores in Louisville.
Since its founding in 2012, Capital Square has acquired 158 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
