Fairlawn, a Chicago- and Champaign, Illinois-based multifamily investment, management, and development firm with more than $900 million in assets under management, has acquired three apartment communities totaling 202 units across two transactions in the Louisville area, expanding its presence in one of Kentucky’s fastest-growing suburban submarkets.
The acquisition includes Aspenwood Apartments in Louisville and Camden Wood and Brownsboro Woods Apartments in Crestwood, which will be rebranded and operated as The Cambry by Fairlawn. The two Crestwood communities total 104 units, while Aspenwood comprises 98 units.
The deal builds on Fairlawn’s existing Louisville footprint, where the company owns and operates The Heritage by Fairlawn, further growing its operational scale in the market.
Fairlawn plans to implement a renovation program at The Cambry, including the installation of vinyl plank flooring and the addition of in-unit washers and dryers across all units. Leasing for both The Cambry and Aspenwood will be centralized at the Aspenwood leasing office.
Located in Oldham County, Crestwood has emerged as one of the Louisville region’s fastest-growing communities, driven by population growth, strong schools, and limited new housing supply – factors that continue to support demand for rental housing in the submarket.
“Louisville is a market where we’ve been able to quickly build conviction,” said Jason Barickman, Chief Investment Officer of Fairlawn. “Our initial investment with The Heritage established a strong operational presence, and this portfolio allows us to scale that platform in a submarket we believe has long-term fundamentals. In Crestwood specifically, we see sustained demand for well-located, quality housing, and we’re focused on elevating the resident experience through targeted improvements and hands-on management.”
Both Aspenwood and The Cambry feature one- and two-bedroom floor plans. Aspenwood also offers amenities such as a pool, fitness center, and clubhouse.
The acquisition reflects continued investor interest in multifamily assets across the Louisville region, where steady in-migration and affordability relative to larger Midwest markets have supported occupancy and rent growth.
The transaction further expands Fairlawn’s Midwest portfolio and aligns with the firm’s long-term strategy of Creating Better Places through targeted investment and operational execution.
About Fairlawn
Fairlawn is a vertically integrated multifamily real estate investment, management, and development firm based in Chicago and Champaign, IL, with roughly 5,750 units and $900 million in assets under management. With ambitious plans for continued growth, Fairlawn is focused on expanding its portfolio across Illinois, Indiana, Kentucky, and other targeted Midwest markets.
