LOUISVILLE, KY – Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has bought the Avalon Springs Apartments, a 141-unit multifamily community in Louisville, KY. Avalon Springs, built in 2018 and currently 99% leased, sits on nearly 18 acres of land. The property consists of 125 two-bedroom townhome units, each with 1,322sf of living space and their own private entrance and private patio, as well as 16 two- and three-bedroom flats, also with their own private patios. Lincoln Property Management, has been awarded the management contract.
The transaction closed on April 30, 2020 for $22,000,000, which equates to $156,000 per unit or $120 per square foot. As part of their acquisition, FMC placed a new 65% LTV mortgage with a fixed 3.14% interest rate for 10 years and five years of interest-only payments from Freddie Mac. The loan was originated through Newmark s Boston office led by Ed Belz.
Eric Mallon, one of FMC s Founding Partners, said of the Avalon Springs transaction, We re incredibly proud of this acquisition, completed during one of the most challenging economic environments we ve ever experienced and executed at our original contract price. Yes, the world had changed dramatically from when we went under contract on March 3, but given that we were purchasing the asset 5.5% below its appraised value and the overall quality of the property, we felt that asking for price reduction was akin to simply taking advantage of an already challenging situation.
Instead of re-trading the deal, as many investors are apt to do during times of economic strife, FMC negotiated an occupancy escrow, funded by the seller and to be used by FMC should Avalon s economic occupancy dip below 95% during FMC s first year of ownership. This was a win-win for FMC and the seller as it gave FMC and its investors peace of mind that any economic downturn experienced at Avalon Springs due to the impacts of the COVID-19 pandemic would be neutralized during its first year of ownership, while it also allowed the seller to realize a larger liquidity event, minimize potential economic loss due to selling in the middle of the pandemic and have certainty of close. We hope the manner in which we executed this transaction during these unprecedented times reinforces our reputation as a group that stands by and delivers on our word, even in the face of the most challenging of circumstances, Mallon continued.
Avalon Springs is located in a low-density residential area in South Jefferson County. It is approximately 20 minutes from downtown Louisville, 13 minutes from Louisville International Airport and just minutes from several of the major employers in the area including GE Appliances, Ford Motor Co., and UPS s global Worldport Hub.
The acquisition, FMC s first in the state of Kentucky, aligns with their initiative to expand throughout the south-central U.S. in markets that demonstrate a balanced outlook for stability and growth. We are thrilled to have completed our first acquisition in Kentucky, extending our geographical footprint from neighboring Virginia where we own nearly 700 units. We remain believers in the quality of life offered in the Southeastern U.S. and look forward to continuing to expand our presence in Kentucky, Virginia, North Carolina and expanding to additional states in the future, said Andrew Jumbeck, VP of Acquisitions for FMC.
The newer construction apartments, with unit interiors finished with granite countertops and stainless appliances, were delivered with no deferred maintenance or expected capital needs. FMC s business plot instead focuses on improving operations through the implementation of cutting-edge management and marketing strategies, utilizing their institutional-quality asset management platform to control operational expenses, push other income opportunities, and make strategic decisions for the asset. Avalon Springs, especially with its huge, highly sought-after townhome floorplans, is representative of the risk-adjusted return profile that we feel makes the most investment sense right now, especially heading into a recession. Because the property was completed only two years ago, costly and/or unknown capital expenditures are all but eliminated during the hold period. We were therefore able to make value right out of the gate by buying below replacement cost while still generating strong returns approaching those of traditional value-add executions, said Jumbeck.

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BEAVERTON, OR – Vanamor Inc., a private San Diego-based real estate investor and operator, has announced the acquisition of Blanton Commons in Beaverton, Oregon.
Blanton Commons is a 32-unit apartment community built in 2018 as well as a historic single-family home commonly known in the community as M.E. Blanton House. The property is located in one of Portland’s most sought-after communities and is situated between Nike’s world headquarters to the east and Intel’s Aloha campus to the west.
The immediate location offers residents access to major employment centers and adjacent to the TriMet bus line which connects to both the WES commuter rail and MAX light rail. Other nearby high-tech companies include Airbnb, Nvidia, Salesforce, and more. Vanamor plans to enhance the unit interiors with light interior upgrades and significantly expand the property through the addition of common area amenities.
According to Bobby Larsen, Vanamor’s Principal and Chief Executive Officer, “Having bought over 2,300 units in the Portland MSA through other joint ventures, we are excited to bring the dynamic growth market to Vanamor’s portfolio. As we have already seen through the resiliency of the property during the pandemic, Blanton Commons is not only insulated from downward pressures but also well-positioned to capitalize on future growth trends.”
Blanton Commons marks Vanamor’s first acquisition in the Portland market. The Company is targeting further acquisitions in Oregon, Washington, Arizona, California, Texas, Florida, Colorado, and Nevada. The Company focuses on long-term, moderately leveraged opportunities that deliver outsized market returns and is actively looking to partner with new investors.

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IRVING, TX – Turner Impact Capital, one of the nation’s largest real estate investment firms dedicated to social impact, has bought a multifamily housing community near Dallas – bringing the firm’s total bought housing units to more than 10,000 and current portfolio to 9,363 units.
The 312-unit Bridgeport Apartments in Irving, TX was bought in late April by Turner Multifamily Impact Fund II. Together with its predecessor, Turner Multifamily Impact Fund I, the two Funds have bought 10,067 housing units and are on track to grow their total portfolio up to 20,000 units, representing approximately $2 billion of assets nationwide.
The Turner Multifamily Impact Funds advance Turner Impact Capital’s social impact mission by acquiring, preserving, and enriching critically-needed rental housing for families who earn less than the area median income and live in densely populated, ethnically diverse communities. Residents include essential service professionals such as teachers, police officers, health care workers, and others who earn too much to qualify for subsidized housing, but not enough to afford higher-cost apartments or home ownership in areas near their workplaces.
“The global COVID-19 outbreak and resulting economic slowdown have only exacerbated the longstanding housing crisis in Texas and the entire nation, where rent is simply out of reach for far too many,” said Turner Impact Capital CEO Bobby Turner. “Our resilient investment model has enabled us to reach the significant milestone of 10,000 affordable workforce housing units bought, positively impacting thousands of families while generating strong risk-adjusted returns for investors at the same time.”
The Turner Multifamily Impact Funds’ portfolio consists of over two dozen apartment communities located in nine densely populated, ethnically diverse metropolitan areas, including Washington, D.C., Chicago, Atlanta, San Antonio, Austin, Dallas-Fort Worth, Houston, Las Vegas, and Seattle.
Bridgeport Apartments is centrally-located in the quick growing Dallas-Fort Worth region, home to a well-diversified economy, including more than 20 companies on the Fortune 500 list. Approximately 13 miles northwest of downtown Dallas, the property offers convenient access to employment nodes throughout the metroplex, including the nearby DFW International Airport and Las Colinas Urban Center. The property will mark Turner Impact Capital’s fifth housing investment in the region.
As with the firm’s other properties, Bridgeport Apartments’ residents will be connected with a range of immediate coronavirus-related health, education, and economic resources, and virtual enrichment programs that help meet their varying needs.
“During this challenging and uncertain period, it’s more vital than ever for families to have access to stable housing they can afford that doesn’t come at the expense of other critical needs, such as food or healthcare,” said Gee Kim, the firm’s President of Multifamily Housing Initiatives. “The entire Turner team is excited to help improve the quality of life for over 370 residents at Bridgeport Apartments and cultivate the ‘pride in rentership’ that leads to outstanding tenant satisfaction at properties throughout our portfolio.”
Amenities at the Bridgeport Apartments include a dog park, swimming pool, business center, tennis courts, and laundry facilities. The Fund will also implement a range of LEED-based sustainability improvements, such as low-flow toilets, Energy Star appliances, and LED lighting.

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