Northmarq’s Investment Sales team leads sale of 222-unit Preakness Apartments in Lexington, KY
LEXINGTON, Ky. — Northmarq’s Investment Sales team led by Bobby Schiavone, Jordan Arand and Adam Klenk successfully led the sale of Preakness Apartments, a 222-unit garden apartment community located at 733 Hill Rise Dr. in Lexington, Kentucky.
Northmarq represented the seller, a regional multifamily investor. The buyer was a private investor.
"Our team is excited to get Preakness Apartments closed, which shows the continued interest in Lexington” Schiavone said. “With the planned renovations, a diverse unit mix and a strategic location near downtown Lexington and the University of Kentucky, Preakness Apartments offers strong fundamentals and long-term value potential. We were pleased to represent our clients and facilitate a successful transaction that aligns with the investment objectives of both parties.”
Built in 1968, Preakness Apartments features 20 buildings sitting on 5.85 acres. Units feature one-, two- and three- bedroom floorplans with an average of 819 square feet. Community amenities include a clubhouse, playground, soccer field, laundry room and on-site management / maintenance.
Preakness Apartments are conveniently located off Versailles Rd with close proximity to New Circle Road offering excellent connectivity to Lexington’s major employers, premier retailers, entertainment venues, and key economic drivers. It is 2 miles from downtown Lexington and the University of Kentucky.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
