1901 Apartments Lexington, KY

$8,000,000
Property type:Multifamily

The space

  • Year Built: 1964
  • Units: 108
  • Land Acres: +/- 3.5897
  • Number of Parcels: 11
  • Number of Buildings: 11
  • Asset Class: C
  • Laundry: Connections in Unit
  • Shingles: Replaced in 2022
  • Windows: Front/Back Replaced 2022 | Side Windows Age Unknown
  • HVAC: Central
  • Water Heater: Individual
  • Plumbing: Copper
  • Wiring: Copper
  • Electricity: Individually Metered - Paid by Tenant
  • Water / Sewer: Master Metered - Owner Paid w. RUBS Charged to Tenant

Description

***CLICK HERE FOR LISTING DETAILS AND DOCUMENT VAULT***

Silvestri Real Estate is pleased to present the exclusive listing of 1901 Apartments, a 108-unit multifamily asset located in Lexington, Kentucky.  1901 Apartments has an attractive unit mix of one (47.22%) and two bedroom (52.78%) apartment homes.

1901 has been well maintained by the owner for the last 4 years, and is ready to be taken to the next level. Since 2019, the owner has infused approximately $2.2MM in capital improvements to the property. The value add opportunity lies in finishing out renovations (14 full renovations and 34 partial renovations average rent increase potential of $56/unit/month) and continuing to push the RUBS program (water/sewer recapture is under market).

1901 Apartments are located in west Lexington in the Cardinal Valley neighborhood. The Bluegrass Airport, New Circle Road, Man O’ War Road, and downtown, are all located in close proximity to 1901 Apartments making it the ideal location for tenants.

There is no assumable loan in place and fresh debt can be placed on the property. Seller financing is not available for this opportunity.

The asset can be purchased individually or with nearby Twenty-Two Twenty Apartments (96 units – $7,000,000).

***CLICK HERE FOR LISTING DETAILS AND DOCUMENT VAULT***

Contact the Agent

Brandon is the President of Multi-Family Sales for the Silvestri Real Estate Team and is a specialist of real estate analytics and operations. Brandon really loves “the numbers” and discovered that passion at an early age. Even more, he loves digging into that data to make sure his customers are fully aware of sales and investment opportunities as he, along with the rest of the team, aligns customer interests to available properties – both listed and off-market opportunities. Brandon has been involved in the successful closing of over 9,500 apartment units during his career. Brandon is also involved in the Central Kentucky Apartment Association where he previously served as the President of the Board of Directors.