JLL Capital Markets announced that it has secured the $67.15 million sale and $42.68 million acquisition financing for Lakeside Gardens, a 360-home luxury apartment community in Jeffersonville, Indiana, in the Louisville MSA.
JLL represented the sellers, a joint venture partnership between Denton Floyd Real Estate Group, LDG Development and a private investor. JLL also worked on behalf of the buyer, S&S Properties, to secure a seven-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC.
Lakeside Gardens is located at 4101 Herb Lewis Road, just two miles north of downtown Louisville in the fast-growing Southern Indiana submarket. In recent years, this area has boomed from its proximity to River Ridge Commerce Center, a key employment hub with more than 12,000 jobs across 80 companies. Additionally, residents enjoy access to excellent public schools and vibrant shopping and entertainment at the lively riverfront downtown of Jeffersonville.
Louisville ranks as the #1 U.S. rental market for year-over-year rent growth, which bolsters Jeffersonville’s appeal as a vibrant and growing submarket.
JLL Capital Market’s Investment and Sales Advisory team was led by Director Amanda Friant, Managing Director Mark Stern and Senior Analyst Colleen Watson. JLL Capital Market’s Debt Advisory team representing the borrower was spearheaded by Director Medina Spiodic, Senior Managing Director Matthew Schoenfeldt and Associate Becca Brielmaier.
“The strong performance and strategic location of Lakeside Gardens highlight its value as a premium investment in Louisville’s vigorous rental market,” said Stern. “Its proximity to economic drivers and single-family quality features ensure continued demand.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
