Cultivating Holistic Wellbeing Through Real Estate

o Plowshares partners have decades of experience in commercial real estate investment, development, operations, and dispositions. Our Managing Partner, Ben Hedrick, previously led an operations team that managed over 1000 workforce housing apartments in the Louisville area. We differentiate ourselves as both skilled, experienced investors as well as experienced and capable operators who will lead and control the entire lifecycle of an investment.

Plowshares targets acquisitions that could yield a ~20% IRR along with a strong cash-on-cash performance of ~7-10%.

Multifamily workforce housing provides a strategic context to interact with and care for forgotten communities. Plowshares’ experience in leasing to refugees and immigrants, as well as engaging foster youth, positions us to do more than just generate a profit—we hope to change lives for the better.

BROAD OBJECTIVE: Acquire off-market, value add workforce housing in defined areas of Louisville with a minimum of 80 units located in one development. (Note: We will look at smaller unit buildings if they are in close proximity to existing Plowshares properties.)

WE DO NOT WANT: Stabilized properties with full occupancy at current market rental rates.

WE WANT: Value add properties located within Louisville Zip Codes 40214, 40215, 40218, 40219 or 40220 with below market rents that need capital improvements and professional management. Section 8 rental units are acceptable.

Specific Preferences:
Purchase Price in the $60,000 to $80,000 per door range.
Existing rental rates at least 10% below current market rates.
Existing vacancy of more than 5%.
At least 50% of the units have two or more bedrooms.
Properties that need interior updates.
Prefer direct exterior access to units (i.e., layouts that do not have internal common area access to units)

If you have properties for sale that you think we might be interested in, please contact our Acquisitions Team:
Ben Hedrick — [email protected]
Eric Cornett — [email protected]
Chip Ridge — [email protected]

What a great question! We partner with organizations and groups that offer services to refugees, immigrants, foster youth, and other communities. Contact Ben Hedrick, our Managing Partner, to talk more about ways we can partner. You can reach him through the Contact Form.