LOUISVILLE, KY—Capstone Apartment Partners has completed the $61.4 million sale of a six-property apartment portfolio in the greater Louisville and Lexington markets. New ownership is committed to preserving and revitalizing these assets to continue providing well-maintained and affordable housing for tenants.
The 1,185-unit portfolio transaction consists of six apartment communities: King Solomon Apartments in Jeffersonville, IN; Iroquois Gardens in Louisville, KY; King George Apartments in Louisville, KY; Abigail Gardens in Lexington, KY; King David Apartments in New Albany, IN; and Victoria Gardens in Louisville, KY.
Capstone’s Alex McDermott, Adam Klenk, and Tyler Mayo led the transaction team for the sale of the six properties. The buyer, Nashville-based Clear Blue Company, raised equity for the transaction through a single source family office. Elmington Property Management, also based in Nashville, will manage the properties.
“We’ve been eyeing opportunities in Louisville and Lexington for quite some time. The area’s consistent growth and economic resilience is impressive. We expect the city’s growth trajectory to mirror some of the escalations we’ve experienced in Nashville,” said Clear Blue CEO and founder, Nick Ogden. “Like Nashville, the major employer base is relatively insulated from economic cycles, so this opportunity is the one we’ve been waiting for. We are excited to revitalize workforce housing so that tenants and communities can be proud of where they live. We’re thrilled that our mission is now extended further into Kentucky and Indiana.”
Contact the team to learn more.