Business

Two Lexington apartment centers sold

Two Lexington apartment complexes have changed hands in recent weeks.

The 228-unit Cloisters on the Greens complex at 3501 Pimlico Parkway sold for $4.285 million, and a 38-unit apartment and retail center in the 800 block of East High Street sold for $3 million.

Cloisters on the Greens, next to the Tates Creek Golf Course, had been owned by Seattle-based Westside LLC, which bought it four years ago for $6.84 million.

"The seller's taking a bit of a loss, but it's one of those things where they feel compelled to manage the properties they have in the Seattle market," said broker Ken Silvestri, president of Silvestri-Craig Realtors.

Cloisters, built in 1974, will undergo a renovation by the new out-of-state owner, South Bay Property Management LLC. South Bay intends to install new heating and air conditioning systems, and "renovate it with new interiors and freshen it up quite a bit," Silvestri said.

The occupancy of the complex at the closing of the deal was 80 percent. That compares to an average 95 percent occupancy of other complexes in that area of town, Silvestri said.

"The owners buying it feel comfortable, even though Cloisters' current occupancy is below par," Silvestri said, adding that the renovations should help boost that rate. "We're excited that some more money will be spent in Lexington on renovations."

Meanwhile, the sale of the retail center and apartment complex at 861, 865 and 867 East High Street was between local owners.

Green High Street LLC, which is affiliated with Clay Green of Green's Toyota, bought the property, which is across from the Liquor Barn Express and Rite Aid. The seller was William Wassmer. The retail area includes the Pure Barre fitness center and Lexington Seafood Co.

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