SOURCE: NTS Development Company

NTS Development Company

June 05, 2009 16:57 ET

NTS Development Company Announces the Acquisition of Plainview Apartments by Its Affiliate, NTS-Plainview Associates

LOUISVILLE, KY--(Marketwire - June 5, 2009) - NTS Development Company is pleased to announce the acquisition of Plainview Apartments, located in Louisville, Kentucky, by its affiliate NTS-Plainview Associates, a Kentucky limited partnership ("NTS").

Located on 30 acres just a quarter mile north of Interstate 64 on Hurstbourne Parkway, Plainview Apartments is a 480-unit apartment community in the highly desirable east end. Plainview Apartments offers studio, one, two and three bedroom garden-style apartments, as well as several different townhome floorplans. Amenities include an extensive clubhouse with tennis courts and a fitness center. Plainview Apartments is just one property within the Plainview master planned community which includes 800 single-family homes, over one thousand apartments, 500 townhomes, multiple shopping centers (which include big box and local retail) and nearly 2 million square feet of office and commercial space. NTS began construction and development of the Plainview community in the early 1970s which was Louisville's first totally planned community.

Financing for the acquisition was provided by Old National Bank. Occupancy at the time of the purchase was approximately 94%. NTS has plans for enhancements and renovations to the property.

With the acquisition of Plainview Apartments, NTS Development Company and its affiliates now own a total of 4 apartment communities in Louisville, Kentucky which also include Hurstbourne Grand Apartments, The Overlook at St. Thomas and The Willows of Plainview. NTS also manages 14 other apartment communities (a total of 6,000 units) and 31 commercial properties comprising in excess of 5 million square feet of office, retail and warehouse space. These properties are located in and around Louisville and Lexington, Kentucky, Nashville and Memphis, Tennessee, Richmond, Virginia, Orlando and Fort Lauderdale, Florida, Indianapolis, Indiana and Atlanta, Georgia.

Contact Information

  • Contact:
    Gregory A. Wells
    Executive Vice President and CFO
    10172 Linn Station Road
    Louisville, Kentucky 40223
    (502) 426-4800