The Bend Apartments

A 312-Unit, 2024-Build Class A Multifamily Community in Clarksville, Indiana

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Offering Overview

Property Overview

The Bend Apartments is a brand-new, 312-unit Class A multifamily community completed in 2024, located at 1909 Greentree Blvd in Clarksville, Indiana, eight miles and a ten-minute drive from downtown Louisville. Acquired at $52M ($167K per unit), the property is priced at a 24.1% discount to estimated current replacement cost of approximately $220K per unit and below local Class A sales comparables of $190K to $200K per unit. The Bend entered our portfolio cash-flowing from day one, with in-place occupancy of approximately 97% and no renovation program, lease-up risk, or operational repositioning required.

The community features a resort-style pool, premium fitness center, clubhouse, and private balconies on all units, with modern open-concept floor plans, full appliance packages, and in-unit washers and dryers. The Bend sits adjacent to the 6,000-acre River Ridge Commerce Center, home to 70+ major employers including Amazon, Meta, and GE supporting 21,000+ direct jobs, and within one walkable mile of 20+ national retailers and restaurants anchored by Walmart, Target, and Sam’s Club. Clarksville renters access downtown Louisville’s employment base while benefiting from Southern Indiana’s lower property taxes, lower cost of living, and absence of Kentucky income tax.

The Bend is Focused Capital’s third acquisition in this submarket, joining Gateway Crossing in Clarksville and Heritage Square in Sellersburg, both within ten minutes of the property. We do not enter markets, we build platforms, and the geographic concentration enables shared staffing, management, and maintenance infrastructure to compress per-unit operating costs from the first month of ownership.

Strategy

The Bend was acquired at just below $167K per unit, materially below replacement cost. This is not a turnaround or a lease-up play. It is a stabilized, newly built asset acquired below what it would cost to build today, in a submarket where new competition is structurally constrained: local multifamily construction starts fell 69% year over year, driving 2025 deliveries to roughly 1,290 units, the lowest level in eight years (MMG Real Estate Advisors), while net absorption in the Louisville MSA reached approximately 2,250 units, roughly 60% above the pre-pandemic average.

In-place rents average $1,312 per unit against a market average of $1,453, a $141 gap attributable to lease-up era pricing rather than market weakness. Our plan closes it systematically through disciplined renewal management and new lease pricing, supported by RUBS implementation, bulk internet across 100% of units, and ancillary income programs. The property also benefits from a secured $475,000 per year property tax reduction, contractually guaranteed through 2040, and our asset management team has already won a property tax appeal reducing the assessed value by roughly 30%, bringing the expected tax bill below our underwriting before our first full year of ownership.

Highlights

• Acquired at $167K per unit, a 24.1% discount to estimated replacement cost of ~$220K per unit, at a 6.36% tax-adjusted entry cap rate

• 312 stabilized, cash-flowing units at approximately 97% occupancy with no lease-up risk

• $141 per unit rent gap to market, achievable through professional management and organic rent growth alone

• Projected LP IRR of 17.08% | Equity Multiple of 2.06x | Average Cash-on-Cash of 8.19% | 8% LP preferred return

• Contractual $475K/year property tax reduction secured through 2040, plus a successful 2026 tax appeal bringing taxes below underwriting

• Fixed-rate financing at 6.04% for the full five-year hold with 60 months interest-only: no refinance risk, no floating rate exposure

• Supply pipeline at an eight-year low while metro absorption runs 60% above pre-pandemic average

• Third asset in Focused Capital’s Louisville MSA platform, with shared operations across 650+ units within a ten-minute radius

Questions?

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Focused Capital has partnered with more than 250 investors across a growing portfolio of multifamily real estate opportunities. Over 60% of our investors have returned for subsequent investments, and more than half found us through a referral from someone they trust. We look forward to earning that same trust with you.