IRT Nabs 160-Unit Kentucky Asset

The real estate investment trust paid $14.2 million to purchase Haverford Place, a community in the heart of Georgetown.
The Haverford Place in Georgetown, Ky.

The Haverford Place in Georgetown, Ky.

Independence Realty Trust Inc. (IRT) acquired Haverford Place, a 160-unit property in the Lexington, Ky., area, for $14.2 million. IRT used available cash and its line of credit to purchase the community. This is IRT’s second acquisition in 2017, and is part of its previously announced strategy to sell its C class assets and reinvest the proceeds into B class assets located in the company’s core geographic markets.

Located at 101 Haverford Path, the 2001-built property is located around the corner from Scott County Park, Scott County High School, Anne Mason Elementary School and Royal Spring Middle School. Downtown Georgetown, Ky., and Interstates 75 and 64 are also minutes away. The 18-building asset contains 32 one-, 88 two- and 40 three-bedroom units with an average unit size of 1,206 square feet. As of May 2017, the occupancy of the property was 99 percent and during the three months ending in April, the average rent per unit was $874. According to Yardi Matrix data, Haverford Place includes a fitness center, business center, playground, swimming pool and 260 parking spaces.

Toyota is among top employers in the area, with a manufacturing plant located within three miles of the property.

Image courtesy of Yardi Matrix