NASHVILLE, TN - Nashville-based private equity real estate firm, The Clear Blue Company (CBC), announces its $61.4 million acquisition of Louisville, Lexington and Southern Indiana apartment communities. The portfolio consists of 1,186 total units across six properties that CBC and its partners are committed to revitalizing and maintaining. Nashville-based Elmington Property Management 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’re 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.”
CBC purchased the portfolio from Read Property Group. The Kirkland Company and Capstone Companies brokered the transaction, which includes the following properties:
Louisville, Kentucky: Iroquois Gardens, King George and Victoria Gardens
Lexington, Kentucky: Abigail Gardens
New Albany, Indiana: King David
Jeffersonville, Indiana: King Solomon
Equity for the transaction was raised through a single source family office.
“At Clear Blue, we’re committed to the long-term investment in our portfolio properties and their surrounding communities,” said Ogden. “We’re interested in not only the financial but also the social impact of our properties as we strive to provide well maintained and affordable homes for our tenants. Our investors share that vision and commitment.”
The transaction was finalized June 30, 2020. It was initiated in October of 2019 and was set to close in March 2020. At that time though, the transaction was derailed due to economic uncertainty initiated by COVID-19.
“I am particularly proud of my team for their perseverance through this transaction,” said Ogden. “During the search for a new lender, we were able to better understand the short-term impacts of COVID on our properties and subsequently make adjustments for long-term durability. Through this uncertain economic time, we are even more committed to our thesis that workforce housing can provide strong social and economic returns.”