Louisville, KY – An out-of-town investor has picked up a large Phoenix Hill apartment complex in a huge transaction.

Birmingham-based LMS Real Estate Investment Management last week closed on the acquisition of the 265-unit Phoenix Place Apartments, which sits on 13.5 acres at 510 South Shelby St. The sale price was $24.5 million.

The seller was Brown Capital LLLP, who was represented on the deal by Craig Collins of Cushman & Wakefield/Commercial Kentucky Inc. in Louisville and Mike Kemether of Cushman & Wakefield’s Atlanta Multifamily Advisory Group. LMS was not represented by a broker on the deal.

As excerpted from Louisiville Business First, read more here.