Heritage Square Apartments
- chadmschieler
- Jun 4
- 2 min read
Updated: Jun 18
A 183-Unit Multifamily Community in Sellersburg, Indiana
Property Overview
Heritage Square is a 183-unit Class A community located in Sellersburg, Indiana, just minutes from downtown Louisville. Built in 2023, the property features high-end finishes, modern amenities, and boasts 95% occupancy.
The market is experiencing strong rent growth, driven by a 12-month development moratorium in Sellersburg and a 50%+ reduction in new housing starts across the region.
Located just three miles from the 6,000-acre River Ridge Commerce Center—which houses 18,000+ jobs with major employers like Amazon and Samtec—Heritage Square benefits from strong tenant demand and economic stability. The property provides residents with direct access to I-65 and a short commute to major employment hubs, making it one of the most desirable living locations in Southern Indiana.
Strategy
Heritage Square was acquired well below replacement cost at $146K per unit and is already stabilized with strong in-place cash flow. The strategy focuses on operational excellence and minor enhancements to drive NOI growth.
We will implement a bulk internet program, expand revenue through RUBS (Ratio Utility Billing System), and improve marketing and digital presence to increase lease conversion.
Additional initiatives include requiring renter’s insurance, launching a common area maintenance program, and introducing value-driven resident perks that enhance satisfaction while boosting ancillary income.
Highlights
Acquired at $146K/unit, well below replacement cost ($160K–$180K+ per unit).
Stabilized asset with a 95% occupancy rate and immediate income.
Strong projected returns: 15%+ IRR and 1.90x equity multiple.
Located in a high-growth Louisville submarket, ranked #1 nationally in rent growth (5.4%).
18,000+ jobs within 3 miles at River Ridge Commerce Center, plus nearby employers like GE Appliances, Baptist Health, and Ivy Tech.
Sellersburg development moratorium creates a rare supply-constrained environment with low competition.
High-quality finishes in all units, including stainless steel appliances, quartz countertops, and modern lighting.
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Teaming up with over 250 individuals, just like you, we've delved into real estate ventures, generating passive income. Impressively, over 60% of our clients return for further investments, with over half joining us through referrals.
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