Catylist ID:
#30848512
127 Home BFR Development in Lexington, KY
Multi-Family
for Sale
| Catylist Listing ID: | 30848512 |
| Number of Units: | 127 Units |
| Building Size (RSF): | 236,098 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 14.62 Acres |
| Sale Price: | $44,635,000 |
| Unit Price: | $351,456.69 Per Unit |
| Property Use Type: | Investment |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 4/24/2024 |
Overview / Comments
|
The Rentals at Coventry is a 127 home Build-For-Rent detached single-family development located in the heart of the Bluegrass in Lexington, KY. Site work began in September 2020, with the first homes completed and occupied in the fall of 2021. The final 10 homes are scheduled for completion in the coming months, with 8 of those already pre-leased. In addition to this portfolio, we have 600 lots throughout Central Kentucky in the pipeline available on a forward sale basis. To sign CA and access rent roll, please visit: https://www.crexi.com/properties/1178255/kentucky-coventry-127-home-bfr-in-lexington-ky Coventry is conveniently located near major employers within the Lexington MSA including the University of Kentucky and Toyota’s largest production facility in nearby Georgetown. The north side of Lexington is experiencing explosive growth with Coventry sitting right between the recently announced 200 acre business park, and the 23 acre Publix retail development under construction. Surrounded by 30 acres of greenspace, the area also includes. Coventry Oak Elementary School and a neighborhood playground. The Lexington area often weathers the impact of downturns and recessions better than many cities. In fact, during the pandemic in 2020, Lexington was ranked the top city where its unemployment rate bounced back the fastest, according to WalletHub. Contrary to declining home prices across the nation, Lexington continues to show stable increases in values due to the lack of supply. Known as the Horse Capital of the World, Lexington is the 2nd largest city in Kentucky with a population of over 320,000. The Lexington region’s economic success comes largely from its diverse economy, serving as a health care, retail, and cultural center for both Central and Eastern Kentucky. Lexington has been named among the best cities for college graduates, young professionals, and most affordable for an early retirement. With 7 different floorplans thoughtfully balanced throughout the neighborhood, Coventry has a wide variety of homes to meet tenant’s needs. From the popular 3-bedroom 1,337 SF Cambridge plan, up to the 4-bedroom 2,387 SF Cypress plan, this pet-friendly community offers its residents the desirable outdoor space and yard that can not be found in apartment living. May 2023 over May 2022 saw a 12.85% increase in the median rental rate throughout the 40511 zip code. This upside rent potential is most evident in the Cambridge and Cypress floorplans. Accounting for one-third of the portfolio, the single-story Cambridge plan provides an efficient size home that can cater to everyone from recent college grads, to those downsizing who no longer wish to navigate steps. The most recent Cambridge turnover in June saw multiple tenant applications for the increased rent of $1,895, up from its previous rent of $1,595. The 34 Cypress plans make up 26% of the portfolio and have seen strong rent growth, now up to $2,400 from its median rent of $2,100. Given higher interest rates and the number of new listings for sale down 25% from May 2022 to May 2023, we believe these rents can continue to be pushed while keeping occupancy high. Coventry is one of the only build for rent communities in the area, providing renters the benefits of a new home without the high cost of ownership and maintenance. |
Attachments & Media
Additional Details
| Nearest MSA: | Lexington-Fayette |
| County: | Fayette |
| Tax ID/APN: | 38289930 |
| Zoning: | R-3/R-4 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 2,295 | 42,461 | 124,185 |
| Median Age: | 29.08 | 35.23 | 34.19 |
| Households: | 870 | 15,289 | 48,713 |
| The information presented herein is provided as is, without warranty of any kind. Neither Kentucky Commercial Real Estate Alliance nor Moody's assume any liability for errors or omissions. |
