New Lexington real estate record: Apartment complex sells for $75 million
A Lexington apartment complex has sold for a record $75 million, topping a local record set just a year ago.
And, in a sign that rent increases are likely, the real estate firm that arranged the deal indicated that Lexington rents haven’t topped out yet.
Bridle Creek Apartments at 3800 Nicholasville Rd., a 384-unit complex near Shillito Park, sold to West-Shore Properties, a Boston-based multifamily real estate investment firm, according to Rosewood Realty Group. The buyers paid an average $194,000 per unit, which is not a record per-unit price.
The 12-building complex, which is 372,285 square feet, was built in 2002 and includes a clubhouse, pool, playground, fitness center, business center and pet play area.
According to its website, Bridle Creek’s one-bedroom apartments start at $1,123 a month, two-bedroom apartments start at $1,341 and three-bedroom apartments start at $1,435.
Previous Lexington apartment sale records
According to the Fayette PVA’s web site, the $75 million total price tag makes it the most expensive property transfer in Fayette County, topping the $71.8 million paid in 2021 for The Racquet Club on Crosby Drive and the $64.2 million paid in 2019 for The Henry, luxury apartments at The Summit at Fritz Farm.
For the Bridle Creek sale, New York-based Rosewood Realty represented both the buyer and the seller, Maxus Realty Trust, a real estate investment trust and property management firm in North Kansas City, Mo., according to a news release.
What’s next for Bridle Creek?
The buyer plans to update both interior units and amenities to bring tenants the best quality of living in Lexington, said Jay Weiner, Rosewood senior broker, who represented West-Shore.
“The Lexington Kentucky sub market is thriving and the rents still have room to grow,” said Rosewood founder and CEO Aaron Jungreis, in a statement.
Earlier this year, Rosewood also brokered the $230 million sale of a 1,246-unit multifamily portfolio in Louisville.
“We have successfully closed over one billion in sales this year and we are poised for a strong 2022 as the sales market continues to heat up locally and nationally,” Jungreis said. “The rental market still has growth potential and identifying hidden gems is one of our strengths.”
This story was originally published June 21, 2022 at 6:00 AM.
