February 12, 2015
CRA CLOSES DISPOSITION OF SOUTHEAST APARTMENT PORTFOLIO
Continental Realty Advisors (CRA), a Denver based owner of multi-family housing communities nationwide, announced the sale of The Southeast Apartment Portfolio, comprising 1,549 units in five properties in Louisville, Kentucky. The Class A and Class B properties (Brookside Apartment Homes, Jamestown Apartment Homes, Meadows Apartment Homes, Oxmoor Apartment Homes, and Prospect Park Apartment Homes) were improved during the approximately three years of ownership with significant value add upgrades.
The properties were capably managed and renovated for the fund by Louisville based PMR management company. CRA purchased the properties in 2011. CRA invested $6.2 million dollars in renovations in the communities in an effort to enhance the lifestyle of the residents with most of the renovations focused on interior unit and community upgrades. “We enjoyed our period of ownership of the five assets and appreciated the positive response from our client-residents in regard to the many community improvements that were made,” said David Snyder, the Chairman of CRA.
CRA is an extremely active investor nationwide with specific fund focus in the Southeastern, Midwest, 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 market and currently has multiple transactions in this region in its acquisition pipeline.”
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 few 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.