Rosewood Realty Group announced the $75 million sale of a 384-unit 12-building multifamily apartment complex in Lexington, Kentucky.
Rosewood’s Founder & CEO Aaron Jungreis and Rosewood broker Ben Hamer represented the seller, Maxus Realty Trust, a real estate investment trust and property management firm in North Kansas City, Missouri. Rosewood’s senior broker Jay Weiner represented the buyer, West-Shore Properties, a Boston-based multifamily real estate investment firm.
The market rate three-story rental property Bridle Creek at 3800 Nicholasville Rd is 372,285 sq. feet and is located in South Lexington Kentucky near Shilito Park. It was built in 2002 and features a clubhouse, pool, playground, fitness center, business center and pet play area. It sold for a cap rate of 3.75 percent and $194,000 price per unit.
The buyer plans to update both interior units and amenities to bring tenants the best quality of living in Lexington,” said Weiner.
“The Lexington Kentucky sub market is thriving and the rents still have room to grow,” said Jungreis. “Also, the migration of jobs to Kentucky and free economic thought is fostering tremendous growth and contributing to our ongoing activity in this burgeoning red state.” Added, Weiner, “This deal is a perfect illustration of Rosewood’s ability to execute in the off-market space between two big institutionalized and well capitalized groups. Earlier this year Rosewood also closed a $230 million sale of a 1,246-unit multifamily portfolio in Louisville, Kentucky.
“We have successfully closed over one billion in sales this year and we are poised for a strong 2022 as the sales market continues to heat up locally and nationally,” added Jungreis. “The rental market still has growth potential and identifying hidden gems is one of our strengths.”