Juniper Hills Apartments 855 Louisville Rd 149 Unit Apartment Building $7,750,000 ($52,013/Unit) 8.50% Cap Rate Frankfort, KY 40601

The Waller Group is pleased to present Juniper Hills Apartments, a 149-unit garden-style multifamily community located in Frankfort, Kentucky, the state capital and a stable, demand-driven market. The community offers a compelling value-add opportunity for investors looking for immediate cash flow.
The asset will produce a forward-looking:
- Cash on Cash return of approximately 15.5%
- Internal Rate of Return (IRR) of approximately 24%
The property has strong in-place fundamentals and a lease renewal rate of 90% with proven rents. This combination allows for a low-risk acquisition with high upside potential
Units are largely in upgraded condition, with 43 remaining classic units. Renovating these units, at an estimated $107,500, aligns with renter preferences and unlocks rental upside. The first 106 units have already undergone renovations since 2022, totaling $1,642,230.62 in improvements to the building exterior, common areas, and unit interiors. With these enhancements, and continued renovations of the remaining 43 units that require upgrades, the property is well-positioned to reach the seller’s optimized proforma.
Juniper Hills benefits from a prime location in the heart of Frankfort, with a stable employment base anchored by state government offices, regional healthcare providers, and educational institutions. Residents enjoy convenient access to Interstate 64, connecting the community to both Lexington and Louisville. The submarket’s limited supply of new multifamily development further supports consistently high occupancy rates and steady renter demand.
The property offers a turn-key investment opportunity, combining stabilized cash flow with significant upside through strategic interior and exterior enhancements. The current management team, which completed the initial repositioning, can remain with the new owner to assist in renovating the remaining 43 units, ensuring seamless execution of the planned upgrades and maximizing rental income.
The owner is selling due to current debt maturity and investment partners seeking to exit the partnership. Tours will be scheduled upon submission of a qualified LOI, and the first acceptable offer will be considered by the seller. This represents a rare opportunity to acquire a value-add multifamily property in a stable, high-demand market with both immediate cash flow and long-term growth potential.