The Opportunity

Park Crest Apartments presents the opportunity to acquire a newly constructed multifamily asset at a basis well below today’s replacement cost. 108 units consisting of (60) 1-bedroom apartment units and (48) 2-bedroom units with in-place rents averaging approximately $150 below market, an incoming investor can take advantage of the opportunity through loss-to-lease burn off, and a slight rent increase. Bringing rents to market is projected to increase NOI by approximately $64,000 annually.

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Richmond, KY is the #1 fastest growing city in Kentucky

Richmond grew more than 15% from 2020 to 2025 to roughly 40,700 residents, the fastest rate of any Kentucky city. Growth is anchored by quick access to Lexington via I-75 and Eastern Kentucky University, 3.3 miles away, with more than 15,000 students and nearly 2,500 faculty and staff.

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Deal Higlights

• 2022 Construction
• New Roofs
• 90+% Occupancy