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LOUISVILLE, KY. — Morgan Properties has purchased Blankenbaker Crossings, a 236-unit, garden-style apartment community in Louisville, for $39 million. The acquisition represents the Pennsylvania-based investor’s first purchase in Kentucky. Craig Collins of Cushman & Wakefield | Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield, brokered the transaction. The seller was not disclosed.
Built between 2005 and 2006, Blankenbaker Crossings was 96 percent occupied at the time of sale. Morgan Properties plans to invest $2.1 million in upgrades at the community, including renovating unit interiors, installing smart appliances and adding new amenities, including a pickleball court, dog parks and Amazon package hubs.