West Shore Acquires Kentucky Community
This purchase brings the firm's holdings in the state to five properties.
West Shore has grown its multifamily footprint in Kentucky to five communities after acquiring a 384-unit property in Lexington, Ky. The firm acquired Bridle Creek Apartments for an undisclosed price. The seller was Maxus Realty Trust, who last acquired the community for $30.1 million in December 2005, according to Yardi Matrix data.
Bridle Creek Apartments offers one-, two- and three-bedroom units ranging from 741 to 1,218 square feet. According to Yardi Matrix data, the community was built in 2002. The units were built with walk-in closets, kitchen islands, patios or balconies, and washer and dryers, while the community’s amenities include a pool, fitness center, pet park, clubhouse, coffee bar, business center, outdoor dining areas, outdoor grills, garage parking and storage units. According to Yardi Matrix data, the community is 94 percent occupied.
Located at 3800 Nicholasville Road, Bridle Creek Apartments is located roughly 3 miles south of the University of Kentucky. Residents are also less than a mile away from Lexington’s latest shopping center, the Summit at Fritz Farm with retail tenants including Whole Foods, Apple, and many restaurant options.
EXPANDING PRESENCE IN LEXINGTON
Bridle Creek Apartments represents West Shore’s fourth acquisition in Lexington, as well as its fifth apartment community in Kentucky overall. The firm’s portfolio includes Enclave Hartland, Hamburg Farms and 1809 at Winchester in Lexington, as well as Haven on Tucker in Louisville, Ky.
Despite being based in Boston, West Shore’s multifamily portfolio includes more than 40 properties totaling more than 13,500 units in Georgia, North Carolina, South Carolina, Kentucky, Tennessee, Florida and Texas. At the start of this year, the firm acquired three properties in the Southern U.S. totaling more than 900 units, building its presence in Charleston and Columbia, South Carolina, as well as in Gainesville, Fla.