LOUISVILLE, KY. — Middleburg Communities, a Vienna, Va.-based real estate investment, development, construction and management firm, has sold Vesta Derby Oaks, a 418-unit apartment community located at 3237 Utah Ave. in Louisville. Craig Collins and Austin English of Cushman & Wakefield | Commercial Kentucky, along with Travis Presnell and Mike Kemether of Cushman & Wakefield’s Multifamily Investment Sales Group, brokered the sale of the property. The buyer and sales price were not disclosed.
Middleburg invested $17 million in an extensive renovation at Vesta Derby Oaks, including all new siding, windows, roofs, plumbing and HVAC and electrical systems, as well as improved sidewalks and landscaping. Interiors were also equipped with new Energy Star-rated appliances, LED lighting, cabinets, countertops, flooring, fixtures and finishes. Additionally, the property previously was 100 percent two-bedroom units, but Middleburg reconfigured the layouts for some units to now be one-bedroom apartments. At the time Middleburg acquired it, the property was approximately 15 percent occupied with most of the buildings in shell or uninhabitable condition. At the time of sale, Vesta Derby Oaks was 95 percent occupied.