Miramar Acquires 143-Unit Lexington Community
The asset previously traded in 2019.
Miramar Capital has purchased Rand at Lansdowne Apartment Homes, a 143-unit garden-style multifamily community in Lexington, Ky., from Rand Partners in a transaction brokered by Capstone. The asset previously traded in 2019, when Rand acquired it for $9.8 million from a private individual, according to Yardi Matrix data.
The property encompasses studio, one- and two-bedroom floorplans ranging from 375 to 1,025 square feet across six buildings across 5.8 acres. Select units feature washer and dryer hookups, dishwashers and balconies. Community amenities include a fitness center, a business center, a community room, a swimming pool and laundry facilities.
Capstone Director Austin Heithcock alongside Investment Sales Advisors Jordan Arand, Joshua White and Blake Wiser, as well as Senior Investment Analyst Quentin Nichols and Partner Adam Klenk, brokered the deal.
Lexington’s resilient market
Located at 3489 Lansdowne Drive, the community is less than 1 mile from Kentucky Route 4 and some 13 miles from Interstate 75, as well as roughly 5 miles from downtown Lexington. Employment centers such as Amazon and the University of Kentucky are less than 10 miles away. Residents can access entertainment, dining and retail options at the nearby Fayette Mall, which includes just under 200 shops and is roughly 1 mile away.
Lexington was one of the smaller markets that saw transactions slide at a slower pace than larger metros in the area. In 2023, more than 1,500 units traded in Lexington across 11 properties, compared to some 2,700 units in 17 sales during the previous year, Yardi Matrix data shows.
