LOUISVILLE, KY-Continental Realty Advisors, based in Denver, has purchased four apartment properties in the St. Matthews and Oxmoor neighborhoods here for $97 million. Houston-based Camden Property Trust sold the complexes, which include Brookside, Meadows, Prospect Park and Oxmoor.
The 432-unit Oxmoor is 96% occupied, sources say. No further information was released about the other three sites. The properties will be placed in Continental’s CRA-B1 Investment Fund.
Camden’s sale takes the company out of the Louisville market. David Snyder, chairman of Continental, said in a statement that he’s pleased to continue investment in the city. “With this portfolio acquisition and our recent purchase of Jamestown at St. Matthews, our total investment in Louisville now exceeds $170 million.
A Continental spokesman tells GlobeSt.com that the company is pursuing new opportunities throughout the nation on all-cash or loan-assumption basis. “Two years ago we were more calm about transactions, we were seeing deals,” the spokesman says. “But we increased our pace in 2010, continued through 2011 and we’re certainly going through this year.”
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