Twenty-Two Twenty Lexington, KY

$7,000,000
Property type:Multifamily

The space

  • Year Built: 1970
  • Units: 96
  • Land Acres: +/- 3.3 Acres
  • Number of Parcels: 1
  • Number of Buildings: 4
  • Asset Class: C
  • Laundry: Community Laundry
  • Shingles: Replaced in 2020
  • Windows: Replaced in 2016
  • 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 Twenty-Two Twenty, a 96-unit apartment community located in Lexington, Kentucky. Twenty-Two Twenty has an attractive unit mix of two bedroom (x71), three bedroom (x24) and four bedroom (x1) units.

Twenty-Two Twenty has been well maintained by the owner for the past four years and is ready to be taken to the next level. Since 2019, the owner has infused approximately $1.6MM of capital improvements into the property. The value add opportunity lies in finishing out renovations (45 units remaining with an average rent increase price of $100/unit/month) and continuing the push the RUBS program (water/sewer recapture is under market).

Twenty-Two Twenty is located in the west Lexington neighborhood of Cardinal Valley. The Bluegrass Airport, New Circle Road, Man O’ War Blvd, and downtown are all closely located to the property, making it a fantastic location for the renter demographic.

There is no assumable loan in place and fresh debt can be placed on the property.

The asset can be purchased individually or with nearby 1901 Apartments (108 units – $8,000,000).

***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.