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LEXINGTON, KY-A 384-unit apartment complex here has changed hands for $30.1 million, or 78,385 per unit. MLP Investment LLC, a St. Louis-based multifamily developer and manager, sold a 97% interest in the Bridle Creek Apartments to the Geneva Exchange LLC, a three-year-old affiliate of the Minneapolis-based Geneva Organization that acquires Midwestern assets and then offers them to its pool of high-net-worth investors, the vast majority of which are looking to complete a 1031 exchange.

MLP developed Bridle Creek in 2002. It will retain a 3% equity interest and serve as the property manager. Garrett Farmer, Geneva's vice president of acquisitions, tells GlobeSt.com that Geneva will hold onto another 5% to 10% of the asset and sell the rest to its investor pool in the next 60 days.

Located at 3800 Nicholasville Rd., Bridle Creek consists of 12 apartment buildings and a clubhouse with pool on about 18.5 acres. The unit mix is 124 one-bedroom units, 36 three-bedroom units and the rest are two-bedroom units. The average square footage is 996 sf and the price range is $0.74 to $0.84 per sf. Occupancy is around 95%, according to Farmer.