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LOUISVILLE, KY. — Marcus & Millichap has brokered the $16 million sale of Derby Estates, a 381-unit apartment community located at 5319 Rangeland Road in Louisville. The workforce housing community is situated near the GE Appliance Park manufacturing facility. During the past three years, the property has received a $4 million upgrade package that includes new roofs and siding, new appliances, new HVAC units, new flooring and a new pool, fitness room and recreation area. Aaron Johnson and Aaron Willis of Marcus & Millichap’s Louisville office represented the seller, VTT Rangeland LLC, in the transaction. Capstone Apartment Partners worked with the Sperry Van Ness team in Cincinnati to also represent the seller.