Middletown Landing, the sprawling 646-unit apartment community at 700 Landis Ridge Drive, has changed hands for $130 million, a sale that works out to more than $201,000 per unit. The $130 million sale involved one of East Jefferson County's largest residential rental complexes.
Louisville Business First reported the sale. Stoneweg US, the property's previous owner, is led by CEO Patrick Richard.
Stoneweg US had held Middletown Landing since January 2022, when the firm bought it for $125 million as part of a $230 million, two-property regional portfolio acquisition that also included Mallard Crossing at St. Matthews, per the same Louisville Business First report. That original purchase was financed with an $88.825 million acquisition loan from KeyBank, according to Commercial Observer. Over the four-year holding period, the property's value rose by $5 million before Stoneweg's exit.
Kentucky's Deed Transfer Tax
Kentucky law requires the grantor to pay a deed transfer tax when a deed is recorded with the county clerk.
Middletown Landing was developed by Columbus, Ohio-based Lifestyle Communities, with 33 three-story walkup buildings totaling 646 units built between 2014 and 2016, according to Real Estate Business Online. The roughly 500,000-square-foot, townhome-style complex remained under Lifestyle Communities' operation until the developer sold off its Louisville portfolio holdings in 2022.
Dining and Commercial Tenants on Site
The property's commercial footprint has also evolved. In September 2025, Louisville-based Craft House Pizza announced plans for its ninth location in a 6,000-square-foot space inside Middletown Landing, which had previously housed the pub concept The Goat Middletown until 2023. The restaurant was planned to open in November 2025. The 300-seat restaurant space was leased through commercial brokerage TRIO Commercial Property Group, according to a report from TRIO Commercial Property Group.
Middletown Landing sits along English Station Way, with highway access to major employers including UPS Worldport, Amazon, and Ford Motor Co. Multi-Housing News noted the property's access to employers.
Louisville metro apartment completions were projected to total roughly 1,286 units in 2025, 69% below the metro area's 10-year annual average, according to Property Management of Louisville.
