Overview
The Southern is a 146-unit, stabilized Class A multifamily community built in 2017 and located in one of Bowling Green’s most desirable residential corridors. The property combines institutional-quality construction with strong in-place occupancy and immediate income durability, while offering investors a compelling cost-of-capital advantage through attractive assumable financing. Current rents remain below market across multiple floor plans, creating a clear path to organic NOI growth through natural lease turnover rather than capital-intensive renovation.
Positioned directly across from the South Central Kentucky Industrial Park and minutes from Western Kentucky University, The Southern benefits from multiple long-term demand drivers including advanced manufacturing employment, education, and healthcare. Bowling Green’s sustained population growth, nationally recognized economic expansion, and consistently high occupancy levels support durable rental demand, making the asset well suited for investors seeking stable cash flow with measurable upside in a growing Kentucky market.
Investment Highlights
STABILIZED, BEST-IN-CLASS MULTIFAMILY COMMUNITY
New ownership will have the opportunity to acquire one of Bowling Green’s premier stabilized Class A apartment communities. The asset is supported by strong physical condition, high-quality construction, and a highly desirable location, positioning the property for durable cash flow and long-term value preservation.
ATTRACTIVE ASSUMABLE DEBT
New ownership has the opportunity to assume attractive existing financing with a fixed interest rate of 3.75%, structured on a favorable 35-year amortization schedule. This below-market debt provides long-term cash flow stability and a compelling cost of capital relative to current financing conditions.
PREMIER AMENITIES PACKAGE
The Southern features one of Bowling Green’s most complete amenity offerings, highlighted by 9 & 10-foot ceilings, private patios, expansive walk-in closets, vinyl plank flooring, stainless steel appliances, and granite countertops. Community amenities include a swimming pool, fitness center, clubhouse with conference rooms, pet play area, secured key fob access, grilling and picnic areas, dedicated storage space, and crown molding throughout all baseboards.
ORGANIC RENT GROWTH OPPORTUNITY
The Southern is operating at a strong 94.52% occupancy while maintaining meaningful rent upside across all unit types relative to top-of-market comparable properties. Current rents are approximately $250+ below market on one-bedroom units, $390+ below market on two-bedroom units, and $70+ below market on three-bedroom units, providing new ownership with the opportunity to drive NOI growth through strategic increases on renewals and new leases as rents trend toward market levels.
EMBEDDED LOSS-TO-LEASE UPSIDE
The Southern offers meaningful organic NOI growth potential through loss-to-lease burn off, as recent leases are pricing more than $37 per unit above in-place rents. This spread provides a clear path to near-term revenue growth without incremental capital investment.
IMPRESSIVE MARKET FUNDAMENTALS
Bowling Green has demonstrated strong multifamily fundamentals in recent years, with average occupancy of approximately 96.9% across the city and 97.6% in Warren County, both exceeding the national average of 94.9%. Additionally, average rents in Bowling Green have increased by approximately 3.5%, reflecting steady demand and overall market stability.
UNIT BREAKDOWN
Photo Gallery
