PRG Makes Fourth Lexington Acquisition
The company bought the 208-unit Resort at Lake Crossing for $22 million.
Lexington, Ky.—PRG Real Estate, a real estate investment and management firm, recently announced the acquisition of The Resort at Lake Crossing in Lexington. According to Yardi Matrix data, the 208-unit property changed hands for $22 million, or $106,000 per unit. PASSCO Real Estate was the seller in this transaction.
Located at 3601 Brookewind Way, along the major thoroughfare of Richmond Road, the community provides proximity to major employers such as IBM, Lexmark and Trane. Regional points of interest, including the University of Kentucky, Jacobson Park and the Keeneland Horse Racing Track, are also situated nearby.
The 1999-built property consists of a 48 one-, 128 two- and 32 three-bedroom units, averaging 1,000 square feet. Unit interiors have oversized bathtubs, wood burning fireplaces, vaulted ceilings and large patios or balconies. The list of amenities includes a saltwater pool, a fitness center, picnic area, tennis court and 355 parking spaces. The Resort at Lake Crossing encompasses seven two-story buildings.
“PRG is excited to assume ownership and management of Resort at Lake Crossing, which will be our fourth acquisition in the Lexington market. Our planned capital improvements will enhance both the apartment interiors as well as common area amenity space, improving the resident living experience and increasing the value of the property,” said Sam Foster, PRG’s CEO, in prepared remarks.
Philly-based PRG intends to invest in the community’s clubhouse, as well as upgrade the apartments with new appliances, flooring and fixtures.
Image courtesy of Yardi Matrix