Institutional Property Advisors Brokers Multifamily Asset Sale in Louisville-Jefferson MSA
June 11, 2025
SELLERSBURG, Ind., June 11, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Heritage Square, a 183-unit multifamily asset in Sellersburg, Indiana.
“The Louisville MSA’s rent growth rate of 4.3% was recently ranked No. 2 in the nation among major metros for forecasted apartment rent growth,” said Aaron Kuroiwa, senior vice president investments in Marcus & Millichap’s Indianapolis office. “The growth stems from Southern Indiana’s healthy supply and demand balance where new construction meets the needs of a booming population.” Kuroiwa, IPA’s Will Balthrope and Drew Garza, and Tony Rogers of Marcus & Millichap represented the seller, Form G Companies, and procured the buyer, Focused Capital, in association with Josh Caruana, Marcus & Millichap’s broker of record in Indiana.
The property is just north of Louisville, Kentucky off Interstate 65. Retail and dining are within walking distance and employment centers, including The River Ridge Commerce Center, the Louisville central business district, and the UofL Health Medical Center are nearby. Indiana University Southeast is within 10 miles.
Built in 2022 on nine acres, Heritage Square is a two- and three-story garden-style asset with a clubhouse, fitness center and dog park. Apartments have nine-foot ceilings and full-size washers and dryers. The average unit size is 985 square feet.
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” said Balthrope.
“The Louisville MSA’s rent growth rate of 4.3% was recently ranked No. 2 in the nation among major metros for forecasted apartment rent growth,” said Aaron Kuroiwa, senior vice president investments in Marcus & Millichap’s Indianapolis office. “The growth stems from Southern Indiana’s healthy supply and demand balance where new construction meets the needs of a booming population.” Kuroiwa, IPA’s Will Balthrope and Drew Garza, and Tony Rogers of Marcus & Millichap represented the seller, Form G Companies, and procured the buyer, Focused Capital, in association with Josh Caruana, Marcus & Millichap’s broker of record in Indiana.
The property is just north of Louisville, Kentucky off Interstate 65. Retail and dining are within walking distance and employment centers, including The River Ridge Commerce Center, the Louisville central business district, and the UofL Health Medical Center are nearby. Indiana University Southeast is within 10 miles.
Built in 2022 on nine acres, Heritage Square is a two- and three-story garden-style asset with a clubhouse, fitness center and dog park. Apartments have nine-foot ceilings and full-size washers and dryers. The average unit size is 985 square feet.
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” said Balthrope.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.