West Shore Acquires 230-Unit Kentucky Asset
- Jul 25, 2019
West Shore LLC has acquired Enclave Hartland, a 230-unit community in Lexington, Ky., marking the multifamily investment firm’s third major acquisition in the Bluegrass State. The property, located at 3901 Rapid Run Drive, was previously owned by Stonecutter Capital Management, which bought it from Fortress Investment Group in 2016.
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Built in 1998, the 14-building community is situated along Man O’ War Boulevard, 7 miles south of downtown Lexington, and close to the city’s inner beltway. Apartments range in size from one to three bedrooms and include private balconies and patios, fireplaces, sunrooms and newly remodeled kitchens. Community amenities include a swimming pool, fitness center, and dog park.
West Shore Chairman Steven Rosenthal cited the property’s walkable location and connectivity and the area’s strong demographics as factors in the acquisition, according to a prepared statement. More than 172,000 people live within a 5-mile radius of the site, with a median household income of $59,583, Yardi Matrix data shows.
West Shore will manage and market the newly purchased property. Elsewhere in Lexington, the company owns 1809 at Winchester, a 252-unit community at 1809 Meeting Street, and Hamburg Farms, a 221-unit community at 2498 Aristocracy Circle. Both properties are located in the Hamburg area east of downtown.
West Shore now has a portfolio totaling 6,408 units, with a total market value of more than $900 million, acquired over three years. The company picked up Riverwalk Apartments, a 307-unit community in Rock Hill, S.C., for $44 million last month.