Business

Luxury apartments on Polo Club Boulevard breaks per-unit sale record

By Cheryl Truman
In this 2017 shot, the first building neared completition for occupancy at Waterstone at Hamburg, a luxury apartment complex. The complex was recently sold, fetching the highest per-unit amount in county history.
In this 2017 shot, the first building neared completition for occupancy at Waterstone at Hamburg, a luxury apartment complex. The complex was recently sold, fetching the highest per-unit amount in county history. Matt Goins

Waterstone Apartments at Man o’ War Boulevard and Polo Club Boulevard near Costco and Cabela’s has sold for about $45 million, according to Fayette County PVA David O’Neill.

That is the third highest price paid for an apartment complex in Lexington, said O’Neill, behind Forty57 on Mooncoin Way near Waterford, and The Racquet Club on Crosby Drive.

Forty57 sold for $52 million six years ago, according to O’Neill, and The Racquet Club sold for $51 million earlier in 2018.

However, O’Neill said in a Facebook post that the Waterstone apartments sold for more per unit than the others at $170,000 per unit.



The Waterstone opened in 2017, with one-, two- and three-bedroom luxury apartments featuring higher ceilings, granite counters, stainless steel appliances, rentable garages and on-site storage units for a fee. Rents range from $1,039-$1,641 before utilities.

The Polo Club Boulevard area is a rapidly developing spot in Lexington. Besides Costco and Cabela’s, an 85-acre development is planned off Winchester Road by Lexington developer Norwood “Buddy” Cowgill’s company.

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The development would include a senior living complex, office building, hotel, bank, pharmacy and restaurants.

Baptist Health Lexington also has property nearby for which the company is considering future development.

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