104
LOUISVILLE, KY. — Middleburg has acquired Arcadia Park, a 418-unit apartment complex in Louisville that is mostly abandoned. The sales price was not disclosed, though Middleburg is planning a $16 million renovation for the asset, which will be rebranded as Vesta Derby Oaks. The property currently offers two-bedroom floor plans. Middleburg plans to renovate all 418 units to offer a mix of one-, two- and three-bedroom floor plans. Further renovations include new siding, windows, roofs, interiors, plumbing, HVAC and electrical systems, new Energy Star-rated appliances, LED lighting and improved sidewalks and landscaping. The name Vesta Derby Oaks is a tribute to Churchill Downs, which is situated less than one mile from the apartment complex.