Chandler Park Apartments — a multifamily complex with 17 residential buildings at 3750 Ralph Avenue behind Kohl’s in east Owensboro — has been sold and will now be called DREAM Owensboro Apartments. No jobs were lost in the acquisition.
DLP Real Estate Capital of St. Augustine, Fla., purchased the Chandler Park portfolio — which also includes a complex in Paducah — from former owners Mike Simpson and David Chandler.
“We didn’t really look to sell this asset,” Simpson said, noting DLP approached them three or four months ago. “We were very happy with the performance of the asset and proud to be part of Owensboro, particularly with my deep connections to the Owensboro community.”
This 560-unit portfolio comprises 1-bedroom, 2-bedroom, and 3-bedroom units and marks the DLP’s first footprint in Kentucky.
“We are thrilled to not only make our mark in Kentucky, but more importantly, we’re excited to have an impact on hardworking individuals and their families by providing affordable homes in safe communities,” said Don Wenner, Founder and CEO of DLP Real Estate Capital. ‘Chandler Park offers higher luxury at affordable pricing.”
Simpson said the property is in good hands.
“We feel good about the buyer,” he said. “We feel good about them being a part of the Owensboro community.”
Simpson was especially proud that all the staff retained their jobs, and he thinks DLP will press forward with “business as usual.”
“My suspicion is things will go on as usual,” he said. “They like the asset and the performance of the asset. I don’t anticipate any significant changes at all.”
Simpson and Chandler first broke ground on the Owensboro complex in 2014 after acquiring the former Splash Swim and Tennis Club. The 320-unit complex was finished 5-6 years ago, Simpson said, while Bowling Green’s complex was finished a year later.
Simpson said the sale was “bittersweet” because he is so involved in the Owensboro community but said it came at the right time.
He said DLP was likely interested because of the youth of the property combined with the current market.
“There’s a lot of activity in the multi-family market nationwide right now,” he said. “Interest rates are still at historic lows. Borrowing money is about as cheap as it’s been in some time. There are just a lot of companies that are looking for growth and tertiary markets with a Class A product — like Paducah and Owensboro have become in favor. There’s just a lot of buyers out there chasing yield right now.”
While Simpson said he wasn’t able to disclose the sale price until the deed is filed at the Daviess County Clerk’s office, he “would venture to guess this is one of the larger real estate transactions in a number of years.”
“I’m excited that Owensboro is getting a good corporate partner,” Simpson said. “I’m excited that our team was able to retain their positions.”
