Local company pays $61.4M for apartment portfolio »

Nashville-based private equity real estate firm The Clear Blue Co. has paid $61.4 million for a portfolio of apartment communities located in Kentucky and Indiana. According to a release, the portfolio consists of a collective 1,186 residences in six properties: three in Louisville, one in Lexington, and one each in the Southern Indiana cities of New Albany and Jeffersonville. The seller was Read Property Group. The Kirkland Company represented Read, while Capstone Companies brokered the transaction for CBC. The deal was worth about $51,770 per unit. Equity for the transaction was raised through a single-source family office Clear Blue officials are not identifying. Clear Blue has enlisted Nashville-based Elmington Property Management to manage its new holdings.

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