Newly acquired Americana Apartments face renovation

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Privately held investor Northern Group Inc. recently purchased the 622-unit Americana Apartments in Louisville, Ky., for an undisclosed price. The massive property, which includes 156 buildings spread across 36 acres, is located near the Louisville International Airport. NGI plans to renovate the complex, which was built in 1948, as part of its business strategy of improving older buildings in urban neighborhoods, according to a press statement. This announcement comes on the heels of NGI's acquisition of the 357-unit Prospect Park Apartment complex in Pittsburgh, Pa., in November 2006. ...