Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 73-unit, 9-building multifamily portfolio in Frankfort, Kentucky.
“With 28% of the local workforce employed in public administration, this portfolio is well positioned to continue serving the housing needs of government and local workers,” said Sam Kramer, associate director investments. “Frankfort has historically been overlooked
by investors due to its proximity to larger metros, but we’re seeing a noticeable shift in sentiment. With strong fundamentals and a diverse economic base in education, healthcare, manufacturing and tourism, Frankfort is increasingly viewed as a smart long-term investment market.”
Kramer, Aaron Kuroiwa and Tony Rogers, investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the long-term owner, who held the assets for an average of 19 years. They also secured the
buyer, an active Louisville-based investor.
The properties feature a unit mix of four studios, 57 one-bedroom units and 12 two-bedroom units, and were built between 1939 and 1987. Positioned in
the state’s capital, the portfolio benefits from strong rental demand driven by public administration, healthcare, education and manufacturing employment.
The properties are located at 176 Thistlewood Drive, 201-203 W. Campbell Street, 213 W. Third Street, 216 Briar Cliff Road, 407 Owenton Avenue, 429 Logan Street, 501-503 Steele Street, 506 Steele Street and 903 Crosshill Drive.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
