Clear Blue Co. Buys 6-Asset Portfolio

Capstone Apartment Partners arranged the sale of the 1,185 units in Kentucky and Indiana.
King Solomon Apartments. Image courtesy of Capstone Apartments

Private equity firm Clear Blue Co. has acquired a six-property, 1,185-unit apartment portfolio in Kentucky and Indiana from Read Property Group for $61.4 million. Capstone Apartment Partners arranged the sale, with Alex McDermott, Adam Klenk, and Tyler Mayo leading the transaction team.

The deal marks the first foray into the region for Nashville, Tenn.-based Clear Blue, which has more than $300 million in assets under management, according to its website. The company raised equity for the purchase through a single source family office and plans to preserve and revitalize the assets. Elmington Property Management will manage the communities.


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Completed from 1970 to 1979, the workforce housing portfolio includes four properties in Kentucky:

  • Iroquois Gardens at 518 Iroquois Garden Drive in Louisville (156 units)
  • King George Apartments at 3309 River Chase Court in Louisville (208 units)
  • Victoria Gardens at 333 Whispering Brook Drive in Louisville (336 units)
  • Abigail Gardens at 3745 Camelot Drive in Lexington (136 units)

The two properties in Indiana include:

  • King David Apartments at 940 University Woods Drive in New Albany (188 units)
  • King Solomon Apartments at 1512 E. 10th in Jeffersonville (162 units)

Read Property Group picked up the assets from a variety of sellers from 2007 to 2016. All of the properties have laundry facilities and all but one have swimming pools. The communities range in size from five to 13 buildings each, with a height of two to two and a half stories. All the properties offer one- and two-bedroom units with King George Apartments also providing three-bedroom layouts. Occupancy at each community ranges from 78 percent to 92.6 percent, according to Yardi Matrix.

Resilient Kentucky

Clear Blue CEO Nick Ogden noted in a statement that the company had been eyeing opportunities in Louisville and Lexington for a while and was attracted by the area’s consistent growth, which he said mirrored some of the escalations the firm has experienced in Nashville, as well as the economic resilience of the major employer base. Lexington is home to the University of Kentucky and several Fortune 500 companies, while Louisville’s major employers include the United Parcel Service, Jefferson County Public Schools and Ford Motor Co.

The deal comes after real estate investment firm Four Mile Capital made its debut in Kentucky by scooping up Avalon Springs Apartments, a 141-unit community in Louisville for $22 million in May. Lincoln Property Management will oversee operations for the new, 18-building asset.