A venture led by Wharton Equity Partners has paid $39.2 million, or $56,894/unit, for the Park at Hurstbourne, a 689-unit apartment property in Louisville, Ky.

The purchase price results in a capitalization rate of around 7 percent.

JPMorgan Chase Bank has provided a 10-year loan in the low $30 million range to help fund the property's purchase from Medford Property Co. of Louisville, which was represented by Cushman &...