By Marty Finley – Reporter, Louisville Business First
Mar 10, 2016, 2:27pm EST
A 500-unit apartment complex on Skywatch Lane near La Grange Road and the Gene Snyder Freeway in Louisville’s East End has changed hands in a deal that has flown completely under the radar.
The Paddock at Eastpoint, which was completed in 2007, long has been owned by Louisville-based Hagan Properties Inc. Hagan held the Paddock property through an affiliated holding company, TPE LLC, but that holding company recently gained a new owner.
According to the Kentucky Secretary of State’s office, TPE LLC has been transferred from Hagan Properties to the Bedford, N.H., office of Bluestone Property Management LLC, which does business as Bluestone Properties and manages apartment residences in the Midwest and parts of the South.
The Paddock at Eastpoint is listed on Bluestone’s website as one of its managed properties, and the company’s name also appears on the apartment complex’s website.
Wendy Hagan, a principal with Hagan Properties, confirmed that Hagan no longer manages the Paddock, but she declined further comment.
An industry source with knowledge of the deal told me Thursday that TPE LLC was sold in a deal valued between $70 million and $75 million. That source also told me TPE now is controlled by California-based real estate investment firm Mount Auburn Multifamily, of which Bluestone Properties is an affiliate.
I could not immediately reach Mount Auburn representatives for comment on the deal.
In commercial real estate deals, companies sometimes purchase the entity that holds a property rather than the property itself. One result of such a transaction is that there is no deed transfer for the property involved.
According to the Paddock’s website, the complex has a mix of one-, two- and three-bedroom units that range from about 675 square feet to a little more than 1,400 square feet. Rental rates vary from about $890 to more than $1,200 per month, the website stated. The property is on about 19 acres, according to
online PVA records.
Amenities at the complex include a fitness center, business center, car care facility, children’s playground, BBQ and picnic area, courtyard, Internet cafe and a pool and lounge area with personal cabanas.