Passco Cos, has acquired The Henry at Fritz Farm, a 306-unit, Class A accommodation association in Lexington, Ky., from the Dobbins Group, for $62.4 million.
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“The Henry at Fritz Farm is anchored in one of the region’s top ball and retail districts, which is an aberrant archetype of a mixed-use, adept planned association and clashing annihilation abroad in the area,” Colin Gillis, Passco’s carnality admiral of acquisitions, told Multi-Housing News. “We accept been acknowledged in accepting irreplaceable assets, with little-to-no antagonism with top-tier on-site demographics in the growing accessory markets in Southeast. We accept Lexington’s connected citizenry advance and healthy, added adapted abridgement will position The Henry at Fritz Farm to advance for the continued term.”
Built two years ago, the acreage offers a mix of one-, two- and three-bedroom units with open-concept floorplans, 9-foot ceilings, axle attic and colossal windows.
Amenities accommodate a acrid pond basin with colossal sundeck and poolside blaze pits, a clubroom with a coffee bar, a pet spa and a business center.
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The association is allotment of The Summit at Fritz Farm, a walkable, mixed-use, master-planned association that consists of added than 280,000 aboveboard anxiety of retail with a mix of local, bounded and civic tenants. Among the tenants are Whole Foods, William Sonoma, Pottery Barn, lululemon and Anthropologie.
Developed by Bayer Properties, the Summit additionally includes 20 restaurants, such as J Alexanders, The Barn and Shake Shack. There’s additionally a soon-to-be-open 120-room flush Origin Hotel and a high-end appointment component.
According to Gillis, the aggregation has apparent success over the aftermost few years employing the action of award unique, irreplaceable assets with aberrant demographics and little-to-no antagonism in the accessory markets of the Southeast.
“We acquisition that that backdrop as different as The Henry with a top-tier citizen contour generally accomplish awfully bigger than their primary-market peers,” he said.
Lexington is a burghal on the acceleration and is seeing a abundant accord of new business and development advancing to the area.
“The metro’s abridgement has commonly been led by healthcare and tourism; however, the able job and citizenry advance accept amorphous to allure big-name Fortune 500 companies including Amazon and Xerox,” Gillis said. “Among the top administration in the arena are the University of Kentucky, Toyota, Amazon, Lexmark International, and Lockheed Martin.”
Cushman & Wakefield’s Kentucky aggregation of Mike Kemether and Craig Collins are business The Henry.
In November, Passco Cos. acquired a Class A, 288-unit accommodation association in Destin, Fla. for $63.3 actor from Atlanta-based Catalyst Development Partners.
Image address of Passco Cos.
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