A major East End apartment development proposed behind Oxmoor Center in 2017 is now under construction, and we have a new look at the development. Louisville-based real estate development firm NTS Development Co. said in a news release Monday that the 301-unit Upton Oxmoor Apartments, planned on 16 acres at 7725 Upton Oxmoor Lane, is eyeing spring 2020 for initial occupancy with a fall 2020 completion.
The company also released new renderings of the complex.
Upton Oxmoor Apartments will house more than 300,000 square feet of rentable square feet across nine garden-style apartment buildings patterned off a modern farmhouse design, one of which will feature a clubhouse. A two-story 533-space parking garage also is planned. Monthly rental rates are slated to fall between $1,200 and $2,300.
Further details on the apartments themselves were not disclosed, but NTS said unit floor plans and more renderings will be released this summer.
The property is part of the larger Oxmoor Farm, which has been controlled by the Bullitt family since the 1780s. The well-known estate has been divided over the years to allow for the construction of Interstate 64, Oxmoor Center and other commercial development.
The land is owned by the Bullitt Family Trusts, and the apartment complex is a joint venture between the trust and NTS, the release states. Stock Yards Bank and PNC Bank, N.A. are the trustees for the Bullitt Family Trusts and weighed in on the partnership. “Thanks to the Bullitt Family’s vision, Oxmoor Farm has long been a beautiful place where the surrounding community can live, work and play together.
This new development adds a wonderful chapter to Oxmoor Farm’s storied history. We are pleased to be collaborating on this real estate development project that is economically significant to the Louisville community,” the trustees said in the release. This is the second time NTS has worked with the Bullitt Family Trusts. NTS previously developed the Oxmoor Woods subdivision on part of the original Oxmoor Farm property.
NTS declined to disclose its investment in the apartment development but said it will both lease and manage the property. Pre-leasing is slated to start early next year, according to the release.
Louisville-based Calhoun Construction Services is the general contractor while Atlanta-based Niles Bolton Associates is the architect and Dallas–based Faulkner Design Group is the interior designer.
NTS is a full-service real estate firm that specializes in both residential and commercial development and management. The company manages more than 10.9 million square feet of real estate that includes more than 5,000 luxury apartment homes and more than 3.9 million square feet of commercial property in eight cities.
The company has been been in the news a lot in recent years for its Class A ShelbyHurst office development along North Hurstbourne Parkway, which started as a joint venture with the University of Louisville Foundation on the U of L Shelby campus. The foundation has since bowed out of real estate development.