FarmStead Apartments Frankfort, KY

$8,195,000
Property type:Multifamily

The space

  • Year Built: Varies - 1970's
  • Units: 152
  • Number of Parcels: 10
  • Number of Buildings: 14
  • Laundry: Community + Hook Ups in 36 Units
  • 48 Down Units: See details below

Description

Silvestri Real Estate is pleased to present the exclusive listing of FarmStead Apartments, a 152-unit property located in Frankfort, Kentucky. FarmStead Apartments has an attractive unit mix of one (47.37%) and two-bedroom (52.63%) apartment home.

The owners have infused over $1.6M of capital improvements into the property. The renovations vary per building so please refer to the property specific pages in the offering memorandum for details. The value add opportunity lies in renovating and bringing the 48 down units back online. 24 of the units are completely down with only minor work completed by the owner. The other 24 of the 48 down units have had the following work completed:

  • New Exterior Paint
  • New Shingles
  • New Sewer Lines
  • New Sprinkler System
  • All New Windows and HVAC units are onsite waiting to be installed
  • New Boiler (this only operates 2 of the buildings with the remaining operating on individual HVAC)

12 Units have been renovated down to the studs and have no additional rehab needed. Approximately 64 units have a higher level of renovation complete. Approximately 28 classic units remain.

***CLICK HERE FOR LISTING SITE AND ACCESS TO THE DOCUMENT VAULT***

Contact the Agent

Ken Silvestri

Owner/Principal Broker
Ken Silvestri, the powerhouse behind Silvestri Real Estate, leads Kentucky’s premier multifamily brokerage firm. A Lexington native, Ken initially conquered the residential real estate market in 1990, earning the impressive rank of #3 among 40,000 agents at Re/max International. Transitioning to apartment sales in 2000, he has since achieved sales exceeding one billion dollars, consistently earning Silvestri Multifamily the #1 POWERBROKER title from CoStar since 2016. Ken’s visionary leadership extends to the formation of the SILVESTRI TEAM, comprising top talents Brandon Cutwright and Robert Jones.   Featured on the “Elevate” podcast, Ken generously shares insights and secrets to sustained success. Beyond his real estate prowess, Ken achieved Eagle Scout at the age of 16. A passionate photographer and world traveler, he and his wife Tammy have explored landscapes from Patagonia to New Zealand. Married since 1984 at Yosemite National Park, the couple shares a profound love for health, cooking, and…