LOUISVILLE, KY-Continental Realty Advisors Ltd. has purchased the Park Laureate Apartment community here for $19.6 million, through its Summit-CRA Multi-Housing Fund I. The Denver firm bought the 272-unit property from an affiliate of Harbor Group International LLC.
The property was built in 1991, and was 92% occupied at the time of sale, says a spokeswoman for Harbor. The company had purchased the complex, near the intersection of I-264 and I-64, in 2004. Park Laureate contains one-, two- and three-bedroom apartments with a 949-sf average.
David Snyder, chairman of Continental, said in a statement that the purchase is the first acquisition for Fund I, a $250 million venture. "We look forward to additional acquisitions in the Louisville market," he said.
Harbor says the property was a good performer, and the timing was just right for a sale. "It wasn't necessarily a focus on getting rid of something," the spokeswoman tells GlobeSt.com. By the sale, Harbor sold the only multifamily property it owns in the Louisville area. The company also owns the E. On US Center, a 1.3-million-sf office building in the city.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.