Halsey Flats OM

HALSEY FLATS

SUBMITTED BY:

LEAD AGENTS

Jordan Dickman

First Vice President Investments

Cincinnati Office D. 513.878.7735 jordan.dickman@marcusmillichap.com

Nick Andrews

First Vice President Investments

Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com

Austin Sum

Senior Associate

Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com

Tim VanWingerden

Associate Louisville D. 513.878.7750 tim.vanwingerden@marcusmillichap.com

NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY DISCLAIMER

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

NON-ENDORSEMENT NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

UNRIVALED SUCCESS IN THE MIDWEST

OPERATIONS

Nick Andrews

First Vice President Investments Director, NMHG

Jordan Dickman First Vice President Investments Director, NMHG

Brittany

Josh

Austin

JD Schmerge

Chris

HALSEY FLATS

HALSEY FLATS INVESTMENT HIGHLIGHTS

TURN-KEY OPPORTUNITY

Halsey Flats has been completely renovated with current ownership spend ing approximately $29,000 per unit in interior and exterior renovations. This provides a rare turn-key opportunity with little-to-no capex needed.

PROVEN RENT GROWTH

New construction rents in the competitive set boast an average of $1,332, $1,916, and 2,507 per month for 1-, 2-, and 3-bedroom rents respectively. This provides an excellent opportunity for an investor to implement a rent al increase strategy and draft rents in the immediate submarket staying well below the top of market rents ($485 per month on avg below topof-market rents). This strategy provides an affordable option to residents while further boosting NOI for incoming ownership.

HARD TO FIND| HIGH DEMAND ASSET

Properties of this size do not trade often in this market. In past 5 years, only four 500+ unit multifamily properties have traded in Louisville. Furthermore, even with apartment inventory expanding 13% over the past 5 years, absorption in Louisville is hitting record highs as the city recovers from the pandemic. The strong demand for high-end units, and downward trending vacancy has Halsey Flats poised for growth in one of Louisville’s best performing submarkets.

THE MARKET

Louisville has experienced strong rental growth in the past 12 month’s largely driven by strong economic fundamentals and pent-up demand from Covid. The metro recorded a net gain of 22,400 jobs as the market recovers from Covid, expanding the employment base by 3.5%.

LOUISVILLE, KY

TOP-NOTCH EMPLOYMENT

The top industries in Louisville’s employment sector are Trade & Transportation (23.3%), Education & Health (14.6%), Manufacturing (12.4%), and Professional Services (12.1%). Some of the largest employers in the area include Yum! Brands, Kindred Healthcare, Humana, and Ford. It is also home to UPS Worldport, the world’s largest package handling facility.

HALSEY FLATS

COMPETITORS

LOCAL COMPETITORS - STUDIO

LOCAL COMPETITORS - ONE BEDROOM

LOCAL COMPETITORS - TWO BEDROOM

LOCAL COMPETITORS - THREE BEDROOM

03 SECTION THE FINANCIALS

FINANCIALS

UNIX MIX BREAKDOWN

0BR/1BA

ONE BEDROOM

1BR/1BA - A

TWO BEDROOM

SF $923.10 $1.20 SF $116,311 $950.00 $1.24 SF $119,700 $1,085.00 $1.41 SF $136,710

2BR/1BA 23 Units 946 SF 21,758 SF $992.23 $1.05 SF $22,821 $999.00 $1.06 SF $22,977 $1,215.00 $1.28 SF $27,945

2BR/2BA 245 Units 1,065 SF 260,925 SF $1,087.17 $1.02 SF $266,357 $1,250.00 $1.17 SF $306,250 $1,285.00 $1.21 SF $314,825

Totals / Wtd. Averages 268 Units 1,055 SF 282,683 SF $1,079.02 $1.02 SF $289,178 $1,228.46 $1.16 SF $329,227 $1,278.99 $1.21 SF $342,770

THREE BEDROOM

3BR/2BA - A 38 Units 1,202 SF 45,676 SF $1,200.89 $1.00 SF $45,634 $1,400.00 $1.16 SF $53,200 $1,525.00 $1.27 SF $57,950

3BR/2BA - B 20 Units 1,301 SF 26,020 SF $1,400.00 $1.08 SF $28,000 $1,550.00 $1.19 SF $31,000 $1,600.00 $1.23 SF $32,000

3BR/2.5BA 21 Units 1,422 SF 29,862 SF $1,464.43 $1.03 SF $30,753 $1,625.00 $1.14 SF $34,125 $1,700.00 $1.20 SF $35,700

Totals / Wtd. Averages 79 Units 1,286 SF 101,558 SF $1,321.35 $1.03 SF $104,387 $1,497.78 $1.17 SF $118,325 $1,590.51 $1.24 SF $125,650

FOUR BEDROOM

4BR/2BA 8 Units 1,442 SF 11,536 SF $1,418.57 $0.98 SF $11,349 $1,579.00 $1.10 SF $12,632 $1,725.00 $1.20 SF $13,800

4BR/2.5BA 11 Units 1,442 SF 15,862 SF $1,697.20 $1.18 SF $18,669 $1,850.00 $1.28 SF $20,350 $1,900.00 $1.32 SF $20,900

Totals / Wtd. Averages 19 Units 1,442 SF 27,398 SF $1,579.88 $1.10 SF $30,018 $1,735.89 $1.20 SF $32,982 $1,826.32 $1.27 SF $34,700

GROSS POTENTIAL RENT

% of GPR Per Unit % of GPR Per Unit

All Units at Market Rent $7,737,693 T3 14,329 $8,205,000 15,194 Gain (Loss) to Lease ($867,303) T3 11.21% (1,606) ($410,250) 5.00% (760)

GROSS SCHEDULED RENT $6,420,735 11,890 $7,794,750 14,435

Other Income

Cable Revenue $413,824 T3 6.45% 766 $426,239 5.47% 789 Water Reimbursement $363,879 T3 5.67% 674 $374,795 4.81% 694 Gas Reimbursement $167,364 T3 2.61% 310 $172,385 2.21% 319 Trash Reimbursement $124,294 T3 1.94% 230 $128,023 1.64% 237

Total Other Income $1,629,246 25.37% 3,017 $1,678,124 21.53% 3,108

GROSS POTENTIAL INCOME $8,049,981 14,907 $9,472,874 17,542

Physical Vacancy ($458,271) T3 7.14% (849) ($389,738) 5.00% (722)

Employee Conc/Model Unit ($40,358) T3 Note 2 0.63% (75) $0 0.00% 0 Bad Debt ($164,259) T12 2.56% (304) ($77,948) 1.00% (144)

Concessions Allowance ($97,741) T3 1.52% (181) ($38,974) 0.50% (72)

EFFECTIVE GROSS INCOME $7,289,352 76.94% 13,499 $8,966,215 88.50% 16,604

NON-CONTROLLABLE

Real Estate Taxes % of EGI Per Unit

% of EGI

2020 Taxes Paid $580,488 Auditor 7.96% 1,075 $580,488 6.47% 1,075 Adjustment for Sale $0 0.00% 0 $358,824 4.00% 664

Total Real Estate Taxes $580,488 7.96% 1,075 $939,312 10.48% 1,739 Insurance $212,232 T12 2.91% 393 $189,000 2.11% 350

Utilities

Electric - Common Areas $107,352 T12 1.47% 199 $109,499 1.22% 203

Electric Vacant $21,844 T12 0.30% 40 $11,000 0.12% 20 Gas $206,434 T12 2.83% 382 $210,563 2.35% 390

Water & Sewage $138,198 T12 1.90% 256 $140,962 1.57% 261

Trash Removal $117,043 T12 1.61% 217 $119,384 1.33% 221

Misc Utilities $20,233 T12 0.28% 37 $20,638 0.23% 38

Total Utilities $611,104 8.38% 1,132 $612,045 6.83% 1,133

Total Non-Controllable

CONTROLLABLE

Contract Services

$1,403,824 19.26% 2,600 $1,740,357 19.41% 3,223

Security Expense $19,137 T12 0.26% 35 $16,200 0.18% 30

Snow Removal $0 0.00% 0 $13,500 0.15% 25

Landscaping/Grounds $56,209 T12 0.77% 104 $40,500 0.45% 75 Pest Control $35,235 T12 0.48% 65 $18,900 0.21% 35 Life, Safety, & Fire $7,188 T12 0.10% 13 $8,100 0.09% 15 Total Contract Services $117,770 1.62% 218 $97,200 1.08% 180 Repairs & Maintenance $369,298 T12 5.07% 684 $324,000 3.61% 600 Marketing & Promotion $45,933 T12

UNDERWRITING NOTES

YEAR 2 YEAR 3

% of GPR Per Unit

% of GPR Per Unit

$8,451,150 15,650 $8,704,685 16,120 ($169,023) 2.00% (313) ($174,094) 2.00% (322) $8,282,127 15,337 $8,530,591 15,797

$439,026 5.30% 813 $452,196 5.30% 837 $386,039 4.66% 715 $397,620 4.66% 736 $177,556 2.14% 329 $182,883 2.14% 339 $131,864 1.59% 244 $135,819 1.59% 252 $1,728,429 20.87% 3,201 $1,780,243 20.87% 3,297 $10,010,556 18,538 $10,310,834 19,094 ($414,106) 5.00% (767) ($426,530) 5.00% (790) $0 0.00% 0 $0 0.00% 0 ($41,411) 0.50% (77) ($42,653) 0.50% (79) ($41,411) 0.50% (77) ($42,653) 0.50% (79) $9,513,628 92.00% 17,618 $9,798,998 92.00% 18,146

% of EGI Per Unit

% of EGI Per Unit

$580,488 6.10% 1,075 $580,488 6.10% 1,075 $358,824 3.77% 664 $358,824 3.77% 664 $939,312 9.87% 1,739 $939,312 9.87% 1,739 $192,780 2.03% 357 $196,636 2.07% 364

$111,689 1.17% 207 $113,923 1.20% 211 $11,220 0.12% 21 $11,444 0.12% 21 $214,774 2.26% 398 $219,069 2.30% 406 $143,781 1.51% 266 $146,657 1.54% 272 $121,771 1.28% 226 $124,207 1.31% 230 $21,050 0.22% 39 $21,471 0.23% 40 $624,286 6.56% 1,156 $636,772 6.69% 1,179 $1,756,378 18.46% 3,253 $1,772,720 18.63% 3,283

# NOTE

1 Replacement & Reserves: added based on market norm of $255 per unit per year

2 Employee Conc/Model Unit: Includes $13,478 for emplyee concession and

$16,524 0.17% 31 $16,854 0.18% 31 $13,770 0.14% 26 $14,045 0.15% 26 $41,310 0.43% 77 $42,136 0.44% 78 $19,278 0.20% 36 $19,664 0.21% 36 $8,262 0.09% 15 $8,427 0.09% 16 $99,144 1.04% 184 $101,127 1.06% 187 $330,480 3.47% 612 $337,090 3.54% 624 $27,540 0.29% 51 $28,091 0.30% 52 $550,800 5.79% 1,020 $561,816 5.91% 1,040 $82,620 0.87% 153 $84,272 0.89% 156 $110,160 1.16% 204 $112,363 1.18% 208 $332,977 3.50% 617 $342,965 3.50% 617 $215,914 2.27% 400 $220,232 2.31% 408 $110,160 1.16% 204 $110,160 1.16% 204 $143,263 1.51% 265 $146,128 1.54% 271 $2,003,058 21.05% 3,709 $2,044,244 21.38% 3,767 $3,759,436 39.52% 6,962 $3,816,964 40.12% 7,068 $5,754,192 60.48% 10,656 $5,982,035 62.88% 11,078

INCOME

GROSS POTENTIAL RENT

All Units at Market Rent

$7,737,693 $8,205,000 $8,451,150 $8,704,685 $8,965,825 $9,234,800 $9,511,844 $9,797,199 $10,091,115 $10,393,849 $10,705,664

Gain (Loss) to Lease ($867,303) ($410,250) ($169,023) ($174,094) ($179,317) ($184,696) ($190,237) ($195,944) ($201,822) ($207,877) ($214,113)

GROSS SCHEDULED RENT

$6,420,735 $7,794,750 $8,282,127 $8,530,591 $8,786,509 $9,050,104 $9,321,607 $9,601,255 $9,889,293 $10,185,972 $10,491,551

Total Other Income $1,629,246 $1,678,124 $1,838,549 $1,893,667 $1,931,540 $1,970,171 $2,009,574 $2,049,766 $2,090,761 $2,132,576 $2,175,228

GROSS POTENTIAL INCOME

$8,049,981 $9,472,874 $10,120,676 $10,310,834 $10,718,049 $11,020,275 $11,331,181 $11,651,021 $11,980,054 $12,318,548 $12,666,779

Physical Vacancy ($458,271) ($389,738) ($414,106) ($426,530) ($439,325) ($452,505) ($466,080) ($480,063) ($494,465) ($509,299) ($524,578)

Employee Unit ($40,358) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Bad Debt ($164,259) ($77,948) ($41,411) ($42,653) ($43,933) ($45,251) ($46,608) ($48,006) ($49,446) ($50,930) ($52,458)

Concessions Allowance ($97,741) ($38,974) ($41,411) ($42,653) ($43,933) ($45,251) ($46,608) ($48,006) ($49,446) ($50,930) ($52,458)

EFFECTIVE GROSS INCOME

EXPENSES

$7,289,352 $8,966,215 $9,623,748 $9,798,998 $10,190,858 $10,477,268 $10,771,885 $11,074,946 $11,386,696 $11,707,390 $12,037,285

Real Estate Taxes $580,488 $939,312 $939,312 $939,312 $958,098 $977,260 $996,806 $1,016,742 $1,037,077 $1,057,818 $1,078,974

Insurance $212,232 $189,000 $192,780 $196,636 $200,568 $204,580 $208,671 $212,845 $217,102 $221,444 $225,872

Utilities $611,104 $612,045 $624,286 $636,772 $649,507 $662,497 $675,747 $689,262 $703,048 $717,109 $731,451

Contract Services $117,770 $97,200 $99,144 $101,127 $103,149 $105,212 $107,317 $109,463 $111,652 $113,885 $116,163

Repairs & Maintenance $369,298 $324,000 $330,480 $337,090 $343,831 $350,708 $357,722 $364,877 $372,174 $379,618 $387,210

Marketing & Promotion $45,933 $27,000 $27,540 $28,091 $28,653 $29,226 $29,810 $30,406 $31,015 $31,635 $32,267

On-Site Payroll $651,666 $540,000 $550,800 $561,816 $573,052 $584,513 $596,204 $608,128 $620,290 $632,696 $645,350

Payroll Taxes & Benefits $124,858 $81,000 $82,620 $84,272 $85,958 $87,677 $89,431 $91,219 $93,044 $94,904 $96,802

General & Administrative $116,060 $108,000 $110,160 $112,363 $114,610 $116,903 $119,241 $121,626 $124,058 $126,539 $129,070

Management Fee $316,089 $313,818 $332,977 $342,965 $356,680 $366,704 $377,016 $387,623 $398,534 $409,759 $421,305

Telephone, Internet & Cable $223,426 $211,680 $215,914 $220,232 $224,637 $229,129 $233,712 $238,386 $243,154 $248,017 $252,977

Ground Lease $110,000 $110,000 $110,160 $110,160 $112,363 $114,610 $116,903 $119,241 $121,626 $124,058 $126,539

Replacement & Reserves $137,700 $140,454 $143,263 $146,128 $149,051 $152,032 $155,073 $158,174 $161,337 $164,564 $167,856

TOTAL EXPENSES $3,616,623 $3,693,509 $3,759,436 $3,816,964 $3,900,159 $3,981,053 $4,063,651 $4,147,991 $4,234,110 $4,322,045 $4,411,838

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS

Income

Gross Potential Rent 6.04% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

(Loss) / Gain to Lease* 5.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Expenses

Expenses 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Management Fee** 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS

Physical Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Bad Debt 1.00% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Concessions Allowance 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

Total Economic Loss 6.50% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%

*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income

ACQUISITION

PRICING

CASH-ON-CASH

$79,380,000 $147,000 $147.92 4.63% 6.64% 7.25% 3.00% 8.03% 9.90% 8.56%

$78,120,000 $144,667 $145.57 4.70% 6.75% 7.37% 3.04% 8.16% 10.06% 8.70%

$76,860,000 $142,333 $143.23 4.78% 6.86% 7.49% 3.09% 8.30% 10.22% 8.84%

$75,600,000 $140,000 $140.88 4.86% 6.97% 7.61% 3.15% 8.44% 10.39% 8.99% $74,340,000 $137,667 $138.53 4.94% 7.09% 7.74% 3.20% 8.58% 10.57% 9.14%

$73,080,000 $135,333 $136.18 5.03% 7.21% 7.87% 3.25% 8.73% 10.75% 9.30% $71,820,000 $133,000 $133.83 5.11% 7.34% 8.01% 3.31% 8.88% 10.94% 9.46%

SUGGESTED

PRICE:

Cash on Cash Return 3.15% 8.44% 10.39% 8.99% 10.01% 10.69% 11.39% 12.11% 12.86% 13.63% 14.42%

Internal Rate of Return (IRR) n/a 34.63% 29.66% 24.09% 21.75% 19.69% 18.36% 17.45% 16.79% 16.29% 15.91%

CAP Rate (Purchase Price) 4.86% 6.97% 7.61% 7.91% 8.32% 8.59% 8.87% 9.16% 9.46% 9.77% 10.09%

CAP Rate ("All-In") 4.86% 6.97% 7.61% 7.91% 8.32% 8.59% 8.87% 9.16% 9.46% 9.77% 10.09%

Gross Revenue Multiplier (GRM) 11.77 9.70 9.13

LOCAL MARKET

MARKET

HALSEY FLATS

LOUISVILLE, KY

Situated on the banks of the Ohio River, Louisville is a progressive community of 1.3 million people. Louisville is one of the most uniquely authentic destinations in the world. It is Kentucky’s largest city and offers hundreds of one-of-a-kind attractions. Whether you are north, south, east, or west – Louisville offers a slew of attractions and historic architecture in every direction. Three of the state’s six Fortune 500 companies call Louis ville home – Humana, Kindred Health, and Yum! Brands.

The area provides an attractive business environment for companies due to its location and low cost of doing business, while allowing employees to enjoy a relatively affordable place to live. The economy has transitioned from traditional manufacturing and shipping to health

care, tourism, and technology. Tourism in the state of Kentucky has a $3.5 billion economic impact from Lou isville alone. While the economic impact is very signif icant, the results are even more so, as they positively affect the quality of life in Louisville. Through maintaining its commitment to the tourism industry, Louisville can enrich and nurture its infrastructure, allowing it to consistently rank as one of the top cities in the nation for quality of life. Foodies and food trucks, brew mas ters and bourbon, sports, tradition, and transforma tion - it’s all happening in Louisville. With such a vibrant quality of life, Louisville is a great place to call home.

Amazon officials told the Louisville metro planning commission during an early November meeting that it plans to establish the facility in a 142,000 -square-foot office and warehouse, with heavy truck loading and unloading areas, at 1231 durrett lane near preston highway. Last mile facilities refer to the final step of the delivery process from a distribution center or facility to a user and are becoming increasingly popular in the U.S. as the demand for faster delivery grows.

EMPLOYERS IN THE NEWS

• Amazon building new $5.5M Last-mile delivery station at prime Louisville property adding close to 2,000 new jobs (March 2021)

• GE Appliances completes $60M expansion adding 245 new jobs (July 2021)

• GE Appliances set to invest $450M at its appliance park in the next 2 years adding over 2,000 new jobs (Oct 2021)

• QSR Automations opens new global headquarters in Louisville, KY (Nov 2021)

• KCC Manufacturing break ground on 700-Job operation in Shelby County (Nov 2021)

• Republic National Distributing Co. breaks ground on a relocation and expansion project that will create 30 full time jobs with a $50 million investment (Sep 2021)

• Baptist Health to build $42M rehabilitation hospital in Jeffersontown (Nov 2021)

Population: 1,300,000

Median age: 39.2

ECONOMY

• Prior to the pandemic, Louisville/Jef ferson County’s real gross metropolitan product grew at an average annual rate of 2.0% from 2015 to 2019. During that same five-year period, job growth averaged 1.5% annually, with rough ly 9,800 jobs added on average each year.

• In 2020, COVID-19 mitigation mea sures and limited business activity caused the local economy to contract as much as 10.5% year-over-year in 2nd quarter. In the year-ending 3rd quarter 2021, the metro’s inflation-adjusted economic output expanded 4.6%.

• The metro recorded a net gain of 22,400 jobs, expanding the employ ment base 3.5%. As such, Louisville/Jef ferson County’s unemployment rate in August 2021 declined 2.2 points yearover-year to 3.4%, below the national

DEMOGRAPHICS: STATISTICS

average of 5.3%.

• During the past year, job gains in Lou isville/ Jefferson County were most pro nounced in the Trade/Transportation/ Utilities sector followed by Leisure/ Hospitality Services. Despite job losses stemming from the pandemic, Louisville/Jefferson County’s current employ ment base now sits roughly 54,900 jobs, or about 9% above the 1st quarter 2008 level, prior to the Great Recession. The relative resilience of the economy points to some insulation provided by recession-resistant economic anchors in the market, namely the University of Louisville.

SUPPLY & DEMAND

SUPPLY

• The level of new apartment completions in Louisville/ Jef ferson County were elevated, as 2,415 units delivered in the year-ending 3rd quarter 2021, the highest level in the mid1990s.

• That annual completion volume compares to a low of 945 units and the current high of 2,415 units over the past five years. Annual new supply averaged 1,734 units, and annual inventory growth averaged 2.0% over the past five years. Completions over the past year expanded the local inventory base 2.7%.

• Over the next year, inventory growth is set to remain around the current level with the scheduled addition of 2,241 units.

At the end of 3rd quarter 2021, there were 2,634 units under construction.

• New supply over the past five years has been concentrat ed in Northeast Louisville, Southwest Louisville, and Northwest Louisville, which received 68% of the market’s total comple tions collectively. Scheduled new deliveries in the coming year are expected to be concentrated in Northwest Louisville and Northeast Louisville.

OCCUPANCY

• Over the past year, occupancy gained 1.2 points, with the 3rd quarter 2021 rate landing at 96.4%.

• That occupancy rate ranked #52 among the 65 key South region markets and #130 among the top 150 markets nationally and was only the third time the market has topped 96% in more than 20 years.

• Looking at product classes in Louisville/Jefferson County, 3rd quarter 2021 occupancy was at 96.1 % in Class A units, 96.5% in Class B units and 96.6% in Class C units.

• Among submarkets, 3rd quarter 2021 occupancy was strongest in Northwest Louisville and South Central Louisville. The weakest readings were seen in Central Louisville and Southwest Louisville.

ATTRACTIONS

LOUISVILLE SLUGGER MUSEUM

Batter up! It takes a special place to craft the #1 Bat in Major League Baseball. At Louisville Slugger Museum & Factory, experience history-in-the-making as you stroll through the actual factory where world-famous Louisville Slugger bats are created. The award-winning fac tory tour is a highlight of the visit here, but there’s plenty more to enjoy along with it.

Admire the World’s Biggest Bat - stretching 120 feet into the sky. Hold bats actually used by baseball superstars like Mickey Mantle, Johnny Bench, Cal Ripken Jr. And Derek Jeter. Be sure to swing by!

EVAN WILLIAMS BOURBON

Located on Louisville’s historic “Whiskey Row”, the Evan Williams Bourbon Experience features an artisanal dis tillery, tours, educational tastings, and more!

In 1783, our namesake opened Kentucky’s First Distillery on the banks of the Ohio River. Many years and barrels later, we still produce Bourbon the right way, using the same time-honored methods.

THE BOURBON BUSINESS

The Banks is a gathering place for people all across the region. It provides a lively atmosphere full of attractions that promote public enjoyment and appreciation for city’s riverfront. Spanning the full width of the Central Business District, The Banks brings the waterfront to down town’s front door. Thriving off of the energy generated by the adjacent professional sports venues, Paul Brown Stadium to the west and Great American Ballpark to the east, The Banks provides life and energy as a premier live, work, and play district.

KENTUCKY DERBY

Located in South Louisville, Churchill Downs is a Thor oughbred racetrack known for hosting the annual Ken tucky Derby. It is the world’s most legendary racetrack. The first Kentucky Derby and Kentucky Oaks were both held in 1875, which was the year that the racetrack opened. The racetrack at Churchill Downs is 147 acres and features a seven-furlong turf racecourse and a one-mile dirt, oval racetrack. The racetrack can accommodate over 165,000 guests on Derby Day.

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