Cushman & Wakefield has arranged the $31 million sale of The Fountains at Andover, a 318-unit apartment community located in Lexington, Kentucky. Mike Kemether and Craig Collins of Cushman & Wakefield represented the seller in the transaction. The Wilkinson Group acquired the property.
“The Fountains at Andover, now called Reserve at Hamburg, resides in one of Lexington’s most affluent submarkets. With the new owner planning to invest in upgrading the property, I am really excited to see the transformation that will take place,” Kemether said.
With limitations driven by the Urban Services Boundary restricting developments in rural areas to help preserve farmland, there are minimum sites available for apartment development in the Lexington MSA. Submarket occupancy and rents have continued to climb, leading to strong property performance. With demand for upgraded units in the submarket and no renovated units at the property, The Fountains at Andover is a true value-add investment.
Amenities include a car care center, fitness center, sports court, swimming pool, tennis court and two lakes with fountains.