First units at $64M East End apartments to debut this year
By Marty Finley – Reporter, Louisville Business First
Apr 9, 2018, 3:00pm
A $64 million apartment project will transform 35 acres of vacant land near Southeast Christian Church and bring nearly 500 more apartment units to East Louisville.
The first units are expected to debut in November, with the project wrapping up in late 2020.
Louisville-based Hagan Properties Inc. started on site work for the 470-unit Victory Knoll last month and will start installing the footers and foundations for the first buildings this month, said Wendy Hagan, an owner and developer with Hagan Properties. The site is on Ellingsworth Lane near Blankenbaker Parkway and Interstate 64.
Hagan told me the one-, two- and three-bedroom units will be spread across 21 buildings, most of which will have three stories. Rents will start at about $975 for a one-bedroom unit, $1,275 for a two-bedroom unit and $1,600 for a three-bedroom unit.
The units will range in size from 788 square feet to nearly 1,400 square feet and will be outfitted with stainless steel appliances, European cabinetry, French doors, large patio spaces with outdoor storage closets, linen closets and large walk-in closets.
Hagan said the entire footprint of the apartment development will be more than 700,000 square feet, including a 6,000-square-foot clubhouse. Planned community amenities include a small cafe, electric car charging stations, fitness center, pet salon, bike repair center, outdoor kitchen, outdoor lounge area with fire pit and cabanas, dog park, playground and a community garden.
Dallas-based BGO Architects is the architect for the project, and Central Bank is the lead lender. Hagan handles its own general contracting work.
Victory Knoll has been in the planning stages for years, and the site was chosen after a market feasibility study found it was one of the best undeveloped sites left in Louisville for apartment housing.
"We think it’s an underserved area with mostly older apartment communities," Hagan said, noting it's near shopping and dining in Middletown. "With all the growth in the Middletown and Blankenbaker Parkway corridor, we think demand will be high."
Victory Knoll comes after Hagan constructed the 356-unit 9910 Sawyer Apartments, a sprawling upscale apartment complex that backs up to E.P. "Tom" Sawyer State Park and encompasses nearly 400,000 square feet of apartment space.