JV Buys 649-Bed KY Student Housing
- Oct 18, 2017
Campus First Student Living partnered with CF Real Estate Services to acquire The LEX, a 266-unit student housing community serving the University of Kentucky in Lexington, Ky.
Built in 2008, the property offers 649 beds, as well as 23,444 square feet of retail space available for lease. The LEX features a mix of studio, one-, two-, three- and four-bedroom units. Apartments include washers and dryers, walk-in closets, internet and big kitchen islands.
Common area amenities include:
- game room
- 24-hour fitness center
- business center
- resort-style pool
- outdoor fireplace
- community grills
$2.5 million renovation plan
Located at 521 S. Broadway, near the University of Kentucky, The LEX offers convenient access to a variety of dining, entertainment, nightlife venues such as Fayette Mall, The Mall at Lexington Greene, Kenwood Park, Lansdowne Merrick Park and Masterson Station Park. Additionally, Hunt-Morgan House—a historic 1814 home with a Civil War museum upstairs—and Loudoun House are also nearby.
Campus First plans for a $2.5 million renovation by adding VIP suites with granite countertops, stainless steel appliances, new kitchen hardware, subway-style tile backsplashes and new lighting. The clubhouse and office space will also be upgraded by adding private study rooms, shared conference rooms and a new fitness studio and center.
“The acquisition of The LEX firmly exhibits our acquisition strategy of acquiring high quality, pedestrian student assets well below replacement cost,” said CF Real Estate Services CEO Brett Finkelstein.
Image via Google Maps