LOUISVILLE - Apartment Realty Advisors closed on three deals in December involving the sale of separate multi-family properties in Kentucky for $87.75 million, according to ARA.
The firm, which acted on behalf of the sellers, said two of the units were new construction assets.
The $52.5 million Forty-57 is located in Lexington, KY, and consists of 436 units in 436,856 square feet. The seller is RML Construction. The deal closed on Dec. 20.
The $30 million Riverford Crossing Apartments in Frankfort, KY, comprises 300 units. The seller is Villages at Parkside LLC. The sale closed on Dec. 28. The deal represents the highest price per unit achieved in Frankfort, ARA said.
The buyer of both properties is Steadfast Companies of California.
"The Forty-57 sale saw the highest price per unit ever achieved in KY," Todd Stofflet, ARA Senior Vice President, tells GlobeSt.com. "It also had one of the lowest cap rates we have seen in Kentucky too."
ARA also closed on South Pointe at Valley Farms, a 256 unit development opportunity in Louisville, KY, sold to Steadfast Development for $5.25 million by Valley Farms Apartments, LLC. The property consists of 32 existing units plus a clubhouse and the ability to build 224 more units. The sale closed on Dec. 28.
The sales marked the last of six Kentucky deals ARA made with Steadfast in 2012.
GlobeSt reported that Steadfast also did deals in several other sections of the country last month, GlobeSt.com reports.
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