Classified Ventures has entered into an agreement to sell its Apartments.com business for $585 million in cash to CoStar Group, a provider of commercial real estate research and information services. The transaction is expected to close in the second quarter of 2014.

The Apartments.com business includes Apartments.com, RentalHomesPlus.com, and ApartmentHomeLiving.com.

[Image courtesy: Apartments.com]