Acquisition of Louisville Complex by Elmington Capital Group
Firm purchases Fountain Square Apartment communities, says Chief Manager Scott Sohr.
NASHVILLE, Tennessee – February 14, 2013 – Scott Sohr, chief manager of Elmington Capital, recently announced the acquisition of Fountain Square Apartments in Louisville, Kentucky. The properties are located in the southeast area of the city in a community called West Buechel, Scott Sohr explained.
The $22 million purchase is one of the latest in a long history of high-profile acquisitions by prominent developer Scott Sohr, a Nashville-based entrepreneur. According to Scott Sohr, Fountain Square Apartments consist of five separate apartment complexes, located within three blocks of each other.
Fountain Square Apartments is a thriving community, with a nearly 97 percent occupancy, according to Scott Sohr. The purchase was an off-market opportunity, Scott Sohr explained, with Elmington Capital working directly with the owners. Scott Sohr stressed that Fountain Square Apartments were owned and managed by the same family that built the complexes in the 1960s.
The apartment complexes are conveniently located, Scott Sohr relayed, with grocery stores, drugstores, restaurants, and a Wal-Mart Supercenter all within close proximity. Since its inception, the owners have put more than $4 million into improving the properties, Scott Sohr pointed out, making them the best-maintained properties in southeast Louisville.
Each apartment building is two stories with a garden-style design, explained Scott Sohr. Additionally, according to Scott Sohr, Fountain Square Apartments’ previous owners upgraded amenities, installed new windows, and reworked plumbing in recent years to keep the properties as modern as possible.
Scott Sohr anticipates investors will enjoy a 15 percent cash-on-cash return on the properties in the first year. By year seven, Scott Sohr believes the properties will have an increase in the high teens. The properties provide a great opportunity for Elmington Capital Group, a privately-owned investment firm that specializes in investing in real estate properties.
For Louisville residents, Scott Sohr said that Fountain Square Apartments offer reasonably-priced units that are conveniently located. One-, two-, and three-bedroom units are available, ranging from 600 to 900 square feet, according to Scott Sohr. Fountain Square Apartments also offer two playgrounds and a brand new $250,000 splash park.
Ideal for both families and busy singles, Scott Sohr also noted Fountain Square Apartments are a prime community for those living in the Louisville area. The Hikes Lane Apartments are targeted to seniors, Scott Sohr explained, with many of the residents having been in residence for a while. With private balconies and patios, each of the Fountain Square units provides a welcome sense of community.
Scott Sohr is a graduate of Nashville’s Vanderbilt University, where he obtained his MBA. As chief manager of Elmington Capital Group, he focuses on promising properties within the southeastern U.S. Elmington Capital Group has acquired and developed properties in Tennessee, Kentucky, and Alabama.