PADUCAH KY—Capstone Apartment Partners announces the $6.35 million sale of two adjacent apartment communities in Paducah, Kentucky. The two properties, Riviera and Mora Mi Apartments, are both situated near the intersection of Park Ave and Joe Clifton Dr—just a seven-minute drive from Paducah’s scenic Ohio riverfront area.
The properties were sold on behalf of Alexander Forrest, while Capstone procured the New York-based buyer, Hillcrest Acquisitions, LLC. Hillcrest was drawn to the two properties due to their higher yield and ability to add additional scale through the purchase of a third Paducah asset with Capstone. They plan to implement their own property management company.
The Capstone Apartment Partners transaction team was led by Jonathan Hawks, Adam Klenk, and Tyler Mayo.
Riviera Apartments is comprised of 92 one- and two- bedroom units and Mora Mi Apartments is comprised of 49 one-, two- and three-bedroom units. Both communities feature a swimming pool and laundry facilities. Combined, the two were 92% occupied at the time of closing.
Mora Mi Apartments