Commercial real estate investment and development firm Elmington Capital Group announced today the acquisition of the 126-unit Post Oak Apartments in Louisville, the Nashville-based company's latest of many moves in the Kentucky city.
Neither financial terms of the deal nor the seller were not disclosed in a release.
In addition to Post Oak, Elmington Capital owns 872 units in Louisville apartment buildings Fountain Square, Green Meadows, Hikes Lane, Liverpool 1 & 2, and Hampton Place Apartments. Elmington announced the acquisition of Hampton Place in April (read here).
“We are excited about the acquisition and look forward to providing a high-quality place to live at an affordable price in one of Louisville’s most desirable and convenient neighborhoods," Ben Brewer, SVP for Elmington Capital, said in the release. "Our Louisville portfolio continues to outperform our other markets and we are focused on growing our portfolio in [the city]."
Post Oak was purchased in a partnership with Enterprise Community Investment. Though this is the first partnership between the two entities, they expect to acquire additional properties "in the near future," according to the release.
"The conventional equity provided by Enterprise Community Investment will enable us to improve and preserve the 126 apartment in a growing area of Louisville," said Chris Herrmann, senior director at Enterprise Community Investment. "We're pleased to make our first investment with Elmington Capital Group in support of our shared mission of providing housing connected to jobs, transit, good schools and health care."
Kurt Shoemaker, who is based in Cassidy Turley’s Cincinnati office, facilitated the off-market transaction for the seller.
Debt financing was provided through Scott Brady and K.O. Kennedy of CBRE Capital Markets located in Nashville.
Post Oak will be managed by Elmington Property Management, which manages more than 1 million square feet of commercial property and approximately 6,000 apartment homes in nine states in the Southeast and Midwest. Also based in Nashville, Elmington Property Management is lead by President Dan Ford.