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  • For sale
Steeplechase Apartments - #1

Perfect Value-Add Opportunity Achieving 22% Organic Rent Growth In Last 3 Months

Colliers is pleased to present Steeplechase, 280 units with immediate value-add upside, located in fast-growing Lexington, KY. Already achieving excellent organic rent growth, 22% on new leases and 15% on renewals over the last 3 months, Steeplechase offers a clear path to add value through targeted unit interior improvements. 23 units (8%) are in classic condition featuring laminate countertops, white or black appliances, tile floors, and original cabinets. 255 units (91%) have various moderate upgrades, including stainless steel appliances, hardwood-style floors, subway tile backsplashes, and modern cabinets, to generate average premiums over 7% on a $/SF basis. 2 units have been upgraded with premium finishes such as quartz countertops to achieve average premiums of 9% above Classic units.  

Current ownership recently infused $2.7 million since 2018 into unit upgrades, amenities, deferred maintenance, and building systems, allowing new ownership to build upon existing renovations and elevate all units to an even higher level and create a unified price point with premium finishes such as upscale lighting and granite/quartz countertops. Value-add improvements will time perfectly with outstanding 14.8% market rent growth in Lexington. Minutes from the University of Kentucky, the largest employer in Lexington (26,000+ students and 24,000 jobs), and Baptist Health (4,500 jobs), Steeplechase represents a perfect value-add opportunity.