What’s an ‘ultra-luxury’ apartment in Lexington? The newest is near reservoir
An “ultra-luxury” apartment complex is now leasing.
The Landing at Lakewood Harbour is the result of a 13-year endeavor to convert what was a dilapidated apartment building into a desirable place to live down the road from Henry Clay High School and overlooking Reservoir No. 2.
Since 2011, the apartment building’s developer, Allen Schubert with Andover Management Group, has had his sights set on developing real estate for those looking to downsize. That year, he purchased 16 acres in the Lakeshore area and launched a three-phase project to rehabilitate the entire property.
“This specific project was expensive,” Schubert said, estimating he’s spent at least $30 million on tearing down blighted buildings and constructing new ones.
“.But we had a vision for what it was going to look like. The windows, the doors, the outdoor spaces, the patios; you won’t find anything like this in Lexington.”
The Landing at Lakewood Harbour has 101 one- and two-bedroom apartments.
Rent starts at $1,899 per month for one-bedroom units and $2,699 per month for two-bedroom units. The smallest available unit is 622 square feet and increases to approximately 1,500 square feet.
The building has an underground parking garage and other amenities for residents, including a fitness center, community room and easy access to the water.
Still under construction is the building’s pool and other landscaping.
The apartment building and nearby townhomes Schubert also built sits in Lexington’s Fifth District, represented by Liz Sheehan on the Lexington-Fayette Urban County Council.
Sheehan said the district has a variety of housing types and in-fill developments, like The Landing at Lakewood Harbour, increase stock while preserving the existing character of neighborhoods.
Operating with the Urban Service Boundary, the line around the city that controls the ability of land to be developed, Sheehan said “we have to find a way to do these in-fill projects” because “neighborhoods are stronger with a variety of housing” for different income levels.
“And with housing in such high demand in Lexington, I am pleased to see this multi-unit project open up in the Fifth District, particularly for a property that was formerly vacant and underutilized,” she said.
A different in-fill project in the district on Delaware Drive is proposed to build back community in a place that needs it, Sheehan said, and increase the area’s housing stock.
Developer Will Hanrahan has a $6 million plan to develop a defunct and vacant 1-acre industrial property into a mixed-use campus of apartments and retail spaces called The Railyard.
Decades-long, phased construction to complete The Landing
The apartments that previously stood at the Lakewood property, called Two Lakes and later Sonnet Cove, were built in the 1970s, Schubert said. Leased to University of Kentucky students and recent graduates, the neighborhood was “the place to be” for a decade, he said.
But in the following years as students moved out and the neighborhood changed, the building fell into disrepair. The area was plagued with crime and neglect leading to maintenance and structural problems and about half of the apartment building was condemned.
Schubert, a Lexington native and graduate of Henry Clay High School and the University of Kentucky, said his colleagues thought he was crazy for even considering putting in an offer on the property.
“I made a very quick deal on it. I had to act,” Schubert said. “It was 2012 and there wasn’t a lot of financing, and so I kind of dug in my pocket and closed the deal in 30 days.”
During the first phase of construction, Schubert razed the area and refurbished some of the apartments he could salvage. In phase two, the Lakewood Townhomes were constructed in 2017 on part of the cleared land. Then in phase three, Schubert finally got to work on the apartment building.
It exceeded even his own expectations.
“I made the commitment that I was going to do something really nice,” Schubert said. “And you know, I’m an older guy. I don’t have a whole lot of deals left in me. I’ve got a few left, and I want to make sure they’re all right.”
This story was originally published June 10, 2025 at 4:00 AM.
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