Apartment complex sold for $31 million. Now it’s going to get a major makeover

The Fountains at Andover, a 318-unit apartment complex on Todds Road, has sold.

The Wilkinson Group bought the community for $31 million, about $97,500 per unit, according to a news release.

The complex, which was built in 1996, will undergo renovation and be renamed, according to the release.

“The Fountains at Andover, now called Reserve at Hamburg, resides in one of Lexington’s most affluent submarkets,” said Mike Kemether of Cushman & Wakefield, which represented the seller, Fountains of Andover Brookfield. “With the new owner planning to invest in upgrading the property, I am really excited to see the transformation that will take place.”

The complex sold in 2007 for $28.5 million and was valued at $24.5 million fair cash value by the Fayette PVA’s office.

The rental market in Lexington continues to be tight and there is increased demand for updated apartments. In March, newly built luxury apartment complex The Henry at The Summit at Fritz Farm sold for a record $64 million, with an average price of more than $209,000 per unit.

Top-selling apartments, by total price

▪ The Henry at The Summit at Fritz Farm, $64 million

▪ Forty57 on Mooncoin in Beaumont, $52 million

▪ Racquet Club on Crosby Drive, $51.5 million

▪ WaterStone on Polo Club in Hamburg, $44 million

▪ Student apartments on Angliana, $40.8 million.

This story was originally published April 30, 2019 at 11:16 AM.