Revitate Cherry Tree Acquires Beech Grove Apartments in Jeffersonville, Indiana for $22M
NEWPORT BEACH, CA (June 2022) - Revitate Cherry Tree (“RevCT”) has acquired Beech Grove Apartments, a 182-unit multifamily community in Jeffersonville, Indiana for $22 million.
RevCT continues to be an active acquirer in the Midwest, with approximately $73 million in transaction volume over the last six months across Kansas, Missouri, and Indiana.
“Beech Grove presents a unique opportunity to own a well-maintained, strong cash-flowing workforce housing community less than fifteen minutes away from the vibrant downtown Louisville market,” said Revitate Cherry Tree Co-Founder and General Partner, Chris Marsh. “Employers continue to be drawn to Louisville’s growth story, stemming from a high quality of life, affordable cost of living, and a cost competitive business environment.”
Built in 1972 and renovated in 2006, the 182-unit community is located in Jeffersonville, Indiana, part of the Louisville MSA and less than a 15-minute drive to downtown Louisville. Louisville has garnered an estimated $21 billion in new capital investments since 2014 – driving high levels of market demand for housing in a fast-growth job and population center.
“Revitate Cherry Tree is thrilled to invest in and support the Louisville market,” said Revitate Cherry Tree Co-Founder and General Partner Alex Bhathal. “We believe deeply in this community’s trajectory as an emerging hub of job growth and broad-based economic opportunity.”
In addition, the River Ridge Commerce Center is a major employment hub in Southern Indiana less than four miles away from Beech Grove, and home to more than 60 companies and an estimated 18,000 jobs, including Amazon, Bose, Collins Aerospace, Enjoy Life Foods, Medline, and Optum.
The Beech Grove acquisition is the latest example of RevCT’s differentiated focus on investing in stable and cash-flowing workforce housing communities in the Midwest.
For more information on the properties and Revitate Cherry Tree, please visit www.rev-ct.com.