Heritage Square Apartments
- Jun 4, 2025
- 2 min read
Updated: Apr 7
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.
Focused Capital effortlessly maximizes and streamlines real estate investments.
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.