Downtown high-rise owner cashes in on renovations with $13 million sale
The high-rise Barrington Place apartment complex in downtown Louisville has a new owner after its seller cashed in on a recent renovation of the property.
An affiliate of Utah-based development firm Sundance Bay has sold the apartment complex, at 537 S. Third St.. for $12.8 million to Third Street Louisville Multifamily Partners LLC of Nashville. The buyer’s address is the same as Nashville-based real estate investment firm Covenant Capital Group.
I could not reach the new owner for comment Tuesday afternoon.
The sale price is noteworthy because Sundance Bay bought the complex for $5.9 million in late 2014 from multiple owners. That’s a nearly $7 million difference.
But a lot has changed during that time. As I have previously reported, Sundance Bay started a multimillion-dollar renovation of Barrington Place after purchasing it, partnering with South Carolina-based Greystar on leasing. The complex has about 218 studio and one-bedroom units.
We got a sneak peek of those renovations last year, with new units getting vaulted ceilings, quartz countertops, stainless steel appliances, polished concrete flooring, new cabinets and new plumbing and lighting fixtures.
Other amenities that were planned for Barrington Place at the time included a fitness center, laundry facilities on each floor, a wireless Internet lounge, a resident clubhouse and theater.
Sundance Bay also intended to upgrade the rooftop deck and add new flooring and carpeting, paint and upgrades to the elevator cabs. Officials last year said the renovations could take another year, and it is not immediately clear where the work stands.
I contacted Sundance Bay for an update on the project after learning of the sale today, but I have not yet heard back.
But even if some work remains, it’s evident that Barrington Place impressed its new owners enough to warrant a big investment.
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About Sundance Bay
Sundance Bay is a private real estate investment firm headquartered in Salt Lake City. With over $1 billion of assets under management, Sundance Bay specializes in middle-market multifamily investing, net lease investing, and debt lending. Across its different verticals, Sundance Bay seeks to create lasting value for the Firm’s investors and communities in which they invest. For more information about Sundance Bay, please visit SundanceBay.com.
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