December 23, 2015
CRA PURCHASES CANTER CHASE APARTMENTS IN LOUISVILLE, KENTUCKY
Continental Realty Advisors (CRA), a Denver based owner of multi-family housing communities nationwide, announced the acquisition of the Canter Chase Apartments in Louisville, Kentucky. The property was bought out of an existing partnership through a related Continental Realty Advisors institutional investment fund for an undisclosed amount. The 256 unit, Class ‘B’ apartment community is located on the east side of Louisville on the site of a 100 year-old tree farm. This is the first purchase for CRA’s newly established Renaissance Apartment Opportunity Fund.
Bert Bertelson, Asset Manager for CRA, states that “Canter Chase is strategically anchored in a residential area of Louisville that has consistently outperformed its competitors, even during the recent recession. Furthermore, the property is surrounded by commercial growth and expanding job opportunities.” Mr. Bertelson also adds: “This community is immediately accessible to the best shopping, many fine restaurants, and perhaps the highest quality suburban lifestyle that Louisville has to offer. We are very excited to implement an in-depth interior and exterior upgrade program on this community that will further enhance Canter Chase’s position within this submarket.”
CRA is an active nationwide owner with a specific investment strategy encompassing the Southeastern, Mid-west, and Southwest U.S. markets. “We still feel that the Southeastern U.S. continues to be an opportunistic market,” said Paul Priebe, Fund Manager for CRA. “CRA plans to continue investing in the Southeast and is currently underwriting several transactions from various markets in this region.”
ABOUT CRA: Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multi-family segment of real estate. The company is an institutional fund investor and expects to acquire over $1 billion in assets over the next several years. CRA is currently acquiring multi-family assets on a nationwide basis. CRA has the ability to close on an all-cash basis within very quick time limitations. For more information on the company’s market focus and acquisition criteria, please visit our website at www.continentalrealtyadvisors.com.