University of Kentucky Student Housing Portfolio

Multi-Family for Sale
Catylist Listing ID: 30515360
Property Subtypes: Low-Rise/Garden, Student Housing
Number of Units: 21 Units
Building Size (RSF): 26,009 SF
Gross Building Area: See Agent
Sale Price: $3,752,000
Unit Price: $178,666.67 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.0%
Average Occupancy Rate: 100
Last Updated: 12/5/2019

Overview / Comments

We are pleased to offer a portfolio of 21 single family rentals located in thriving Lexington, Kentucky, near the University of Kentucky, close to student night-life, featuring walk-ability to Red Mile race track, and with quick access to downtown. The tenant base for these 100% occupied properties has historically been students at the University of Kentucky's swelling University, currently with its largest freshman class since 2009. Investors take note, those upperclassmen will need somewhere to live as the University continues to grow.

Highlights:
100% occupied since 2001
Local financing and property specialist lined up to work with purchaser
All homes located in Lexington's Fayette County, right in the heart of Bluegrass Sate. Lexington is home to the University of Kentucky, horse-racing, and is the "Bourbon Capital of the World"
Properties achieving market rents and an increase of 3.3% per year. Rent growth is out-pacing UK's student growth of 2.1% annually
All homes PRE-LEASED each year months before current lease expires - never vacancy or credit loss

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Tax ID/APN: 22692900
Zoning: R-1C
Property Located Between: South Broadway - University of Kentucky Campus
Area Description: Lexington, Kentucky has been rated as one of America's premier cities by some of the most noted and revered industry standard-bearers, such as Forbes magazine, the U.S. Census Bureau, Cognetics consulting group, Dun & Bradstreet, Ladies Home Journal, and Places Rated Almanac - just to name a few. Most people think of rolling countryside with stone fences, great basketball action, horse farms, Thoroughbred racing at Keeneland, a diverse economy, and outstanding schools, colleges and universities. Our community ranks high in quality of life factors, such as health care, public safety, educational attainment, and quality family living. The area also measures high among the best places for business location, creativity, entrepreneurial growth, and career relocation. Residents of competing cities view Lexington as a beautiful place, with great schools, an innovative health care system, a strong economy, and mountains of potential. These homes are centrally located with quick access to downtown and the University of Kentucky. Sitting next to a golf course , and close to variety of fast-casual restaurants (Cookout, Buffalo Wild Wings, and Raising Cane's), the properties are just 1.5 miles from campus staples like the Gatton College of Business and Economics and UK's Law School. When is comes to sports, property is under 2 miles from Rupp Arena. Besides entertainment students also have access to UK Hospital (1.9 miles) and UK Credit Union (.7 miles). Campus life surrounds Golfview.
Total Number of Buildings: 21
Property Condition: Good
Zoning Description: R-1C

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,384 108,388 236,019
Median Age: 31.24 35.48 35.33
Households: 9,680 45,028 99,752
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