Four Mile Capital acquired Frontgate Apartments, a 212-unit garden-style community in Louisville, Kentucky. The purchase price was $38.25 million.
Midloch Investment Partners, based in Chicago, is a joint-venture equity partner in the investment.
Four Mile assumed a fixed-rate HUD mortgage on the property for approximately $27 million.
Frontgate is Four Mile’s second apartment property in Louisville. The company’s other community, Avalon Springs, is only a mile away. Four Mile will manage Frontgate through its affiliate Kalos Residential, which also manages Avalon Springs. Frontgate is Midloch’s first investment in the market.
Built in 2020, Frontgate features a clubhouse, resort-style pool, dedicated dog spa and bark park, and 24-hour fitness center. Additional community amenities include a cyber cafe, playground, grilling stations, and gated entry. Frontgate offers a mix of one, two, and three-bedroom units. The average unit size is 1,125 square feet.
Frontgate is located in the Highview submarket just south of downtown Louisville, near strong economic drivers including UPS Worldport, a Ford assembly plant, and a GE Appliances manufacturing facility. With convenient highway access via I-65 and I-265, Frontgate is 10 minutes from multiple major retail corridors and approximately 11 miles from Louisville International Airport.
