‍The Opportunity

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VWREA is pleased to offer Covington Place Apartments, an offering of 32 units in Lexington, KY. The unit mix consists of (1) 2-bedroom and (31) 3-bedroom apartment units.

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Deal Highlights

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• ‍Rent Upside: Covington Place rents are $274/mo below the market average rents in the area. There is an opportunity to burn off loss to lease and bring rents to market levels of $1,300/mo which is still $164/mo below the market average.

• ‍Turn Key Opportunity: Units have been upgraded with new flooring, paint, appliances, washer/dryers, light fixtures, kitchen cabinets, countertops, and bathrooms providing a turn key opportunity for an incoming investor.‍

• Cash Flow Day 1: With a trailing NOI of $299,474 Covington Place is projecting over 7.5% cash on cash return day one (see package for assumptions).

• ‍Hard to Find Asset: In the past 2 years, there has been only one property sold of similar size and price in Lexington.

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The Market

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Covington Place Apartments is near shopping, dining, and entertainment options and just under 3 miles from University of Kentucky. Additionally, tenants benefit from easy access to i75 just 3 miles from the apartment complex.

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Lexington Developments

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• The recently built Lexington Sporting Club is within 9 miles of Covington Place

• ‍200-acre Legacy Business Park a milestone for Lexington economic development, this new development broke ground in 2025, and once complete the project is expected to bring almost 1,700 jobs to the community with a combined annual payroll estimated at nearly $100 million.

• ‍Wawa’s set to open next year within 4 miles of Covington Place Apartments.