Description
Marcus & Millichap is pleased to present The Phoenix Apartments and Valore at The Baxter, a 154-unit apartment portfolio in Lexington, KY. Valore at The Baxter consists of 74 units and The Phoenix Apartments is 80 units. The properties are located 0.3 miles from one another in the Eastland Parkway submarket.
VALUE-ADD OPPORTUNITY
• There are approximately 60 units still in need of renovation at The Phoenix. Renovated units are achieving roughly a $100/mo premium.
• There is the potential to have 157 rentable units (one coming online now, laundry room conversion, office conversion)
• Phoenix has ALL utilities sub-metered so the utilities could be placed on the tenants
• Baxter has individual water heaters in each unit which makes submetering water more feasible.
Listing Details
| Price: | $Market Bid |
|---|---|
| City: | Lexington |
| State: | Kentucky |
| Year Built: | 1964-78/2021 Reno |