Q: Who is Elmington Capital Group?
Scott Sohr: Elmington Capital Group is an investment firm that’s located in Nashville, Tennessee. The company primarily invests in real estate offerings, whether it’s residential, industrial, office, or land properties. Our team has a knack for going in and turning troubled properties around and making them turn profits again.
Q: Why did you decide to make your latest investment in Louisville, Kentucky?
Scott Sohr: Louisville is a great city. It’s probably one of the most prosperous cities in the South now. It has seen tremendous growth in recent years because of the revitalization of its downtown area, which brings in tons of tourists each year. There’s also a huge following for sports there, as the Cardinals have been making headlines in basketball and football lately. And obviously there’s the university itself, which pumps an untold amount of money into the economy. All of those combine to make Louisville a very desirable place to live.
Q: What did the overall cost look like, and how big is the community Elmington purchased?
Scott Sohr: We paid $22 million for the community. It’s a 596-unit portfolio, so when you break it down, it equals out to $36,900 per unit. These apartments will be great for us. They’re already 97 percent occupied and are in a very desirable part of the city, so keeping them at their current level of occupation, or even higher, will be a goal we should achieve.
Q: In a nutshell, what are your hopes for the property?
Scott Sohr: Obviously, this was a successful property before, given its high occupancy rates. We want to keep that going, while also weighing our options for expansion in the future to keep up with the increased demand for rentals in the Louisville area.
Scott Sohr: Elmington Capital Group is an investment firm that’s located in Nashville, Tennessee. The company primarily invests in real estate offerings, whether it’s residential, industrial, office, or land properties. Our team has a knack for going in and turning troubled properties around and making them turn profits again.
Q: Why did you decide to make your latest investment in Louisville, Kentucky?
Scott Sohr: Louisville is a great city. It’s probably one of the most prosperous cities in the South now. It has seen tremendous growth in recent years because of the revitalization of its downtown area, which brings in tons of tourists each year. There’s also a huge following for sports there, as the Cardinals have been making headlines in basketball and football lately. And obviously there’s the university itself, which pumps an untold amount of money into the economy. All of those combine to make Louisville a very desirable place to live.
Q: What did the overall cost look like, and how big is the community Elmington purchased?
Scott Sohr: We paid $22 million for the community. It’s a 596-unit portfolio, so when you break it down, it equals out to $36,900 per unit. These apartments will be great for us. They’re already 97 percent occupied and are in a very desirable part of the city, so keeping them at their current level of occupation, or even higher, will be a goal we should achieve.
Q: In a nutshell, what are your hopes for the property?
Scott Sohr: Obviously, this was a successful property before, given its high occupancy rates. We want to keep that going, while also weighing our options for expansion in the future to keep up with the increased demand for rentals in the Louisville area.
