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10405 Watermark PlLouisville, KY 40223
Hurstbourne Estates
Asset ClassMultifamily
# Units270
270 Units in Louisville, KY
overview of deal

Overview

Hurstbourne Estates delivers a full-service, resort-style living experience with an impressive amenity package and upscale in-unit features. Residents enjoy a resort-style pool, modern fitness center, business center, game room, pet facilities, social spaces, and gated access. Apartment interiors include private entrances, granite countertops with black appliances, shaker cabinetry, walk-in closets, and in-unit washer/dryers, with select homes offering double balconies, wood-style flooring, and extra storage.

 

Current ownership has invested $1.6 million in targeted capital improvements, including partial unit upgrades with stainless steel appliances, white cabinetry, and premium flooring, along with select exterior improvements. Built in 2013, the community provides spacious floor plans and desirable conveniences, yet still offers light value-add potential. Many units retain original finishes, allowing new ownership to capture meaningful rent premiums through upgrades such as full LVP flooring, stainless steel appliances, tile backsplashes, modern lighting, refreshed bathrooms, and smart-home features.

 

The property benefits from strong natural rent growth, with in-place rents trailing recent new leases and current asking rents by $60–$64—offering near-term NOI upside. Its high-income surroundings further support performance, with a one-mile median household income of $133,000 and a zip code median home value exceeding $410,000. Residents also enjoy exceptional access to Louisville’s premier retail and entertainment destinations, including Mall St. Matthews, Oxmoor Center, and Springhurst, all within 15 minutes. Proximity to major Louisville employment hubs—such as UPS, Norton Healthcare, UofL Health, Ford, Humana, GE Appliances, and the University of Louisville—enhances long-term stability and demand.

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Investment Highlights

  • Resort-Style Amenities & Upscale Interiors: Hurstbourne Estates offers a full-service living experience with a robust amenity package, including a resort-style pool, fitness center, co-working space, game room, pet amenities, social lounges, and gated access. Each unit features private entrances, granite countertops with black appliances, shaker cabinetry, walk-in closets, and in-unit washer/dryers. Select homes also include double balconies, wood-style flooring, and dedicated storage—enhancing comfort and livability.

 

  • $1.6 Million in Capital Improvements: Current ownership has invested $1.6 million in targeted capital improvements, including partial interior upgrades with stainless steel appliances, white cabinetry, and premium flooring replacements, as well as exterior improvements as needed.

 

  • 2013 Vintage with Light Value-Add Potential: Built in 2013, the property offers large floor plans and in-unit laundry, yet many units still include legacy features such as black appliances, carpeting, and basic finishes. New ownership can unlock rent premiums through targeted upgrades like stainless steel appliances, full LVP flooring, tile backsplashes, modern lighting, upgraded baths, and smart-home packages.

 

  • Natural Rent Growth Through Loss-to-Lease Burn-Off: In-place rents currently trail recent new leases by $60 and asking rents by $64, creating a clear opportunity to increase NOI through organic rent growth.

 

  • Affluent Demographics Support Strong Performance: Within a one-mile radius, the median household income is $133,000 and the median home value for the zip code exceeds $410,000—well above metro averages.

 

  • Proximity to Premier Retail & Entertainment: Residents enjoy convenient access to Louisville’s top retail destinations, all within a 15-minute drive. Nearby options include Mall St. Matthews, Oxmoor Center, and Springhurst, featuring anchors like Whole Foods, Trader Joe’s, Dillard’s, and Topgolf—enhancing lifestyle appeal and supporting tenant retention.

 

  • Anchored by Major Louisville Employers: The property is proximate to some of Louisville’s largest employers, including UPS (26,000 jobs), Norton Healthcare (22,298), UofL Health (14,975), Ford (11,866), Humana (13,000), GE Appliances (8,000), and University of Louisville (7,217).

Table Information

Property Overview
Number of Units
270
Avg. In-Place Rent
$1,447
Occupancy
93.33%
Year Built
2013
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10405 Watermark PlLouisville, KY 40223
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Listing provided by Revere CRE