Nashville-based private equity real estate firm The Clear Blue Company closed a $61.4 million acquisition of Louisville, Lexington and Southern Indiana apartment communities.
The portfolio consists of 1,186 total units across six properties that the Clear Blue Company and its partners plan to revitalize and maintain. Nashville-based Elmington Property Management will manage the properties.
Clear Blue chief executive officer and founder Nick Ogden said that he had been seeking opportunities in Louisville and Lexington for a long time. T
Clear Blue Company purchased the portfolio from Read Property Group. The Kirkland Company and Capstone Companies brokered the transaction. The properties are: Iroquois Gardens, King George and Victoria Gardens in Louisville; Abigail Gardnes in Lexington; King David in New Albany, Indiana; and King Solomon in Jeffersonville, Indiana.
The transaction was finallized June 30. It was initiated in October of 2019 and was set to close in March of 2020. At that time, though, the transaction was derailed because of the economic uncertainty caused by COVID-19.
Clear Blue Company did find a new lender and was able to close the transaction.
