Crystal Gardens | 136 Unit Value-Add Asset
- Kitchens are unrenovated; modern cabinets, faux granite counters, and new fixtures drive premiums.
- In-place rents trail the submarket, giving new ownership ability to increase rents on day one.
- Courtyard enhancements, a dog park, playground, and covered parking appeal to higher-income renters.
- The Wellington, built in 1974, renovated units and amenities to reach rents $300+/unit higher.
- Runway for future rent growth and reduction in concessionary pressure across the submarket.
- Easy access to UK and UK HealthCare, plus three Amazon centers supporting 2,700 nearby jobs.
Property Description
Brokered by Colliers and powered by RealINSIGHT Marketplace, Crystal Gardens is a 136-unit garden-style community with immediate value-add upside in Lexington, KY. New ownership can unlock the property's full potential through targeted interior renovations across all 136 units, driving higher rents and NOI growth. Nearby competitor The Wellington, built in 1974, demonstrates the upside available through interior and amenity upgrades, achieving rents over $1,100/unit—more than $300 above Crystal Gardens. New ownership will acquire an ideal value-add opportunity supported by population growth exceeding 40% since 2000, no new supply, strong rent growth, and stable occupancy. Crystal Gardens offers easy access to the University of Kentucky, UK HealthCare, and three Amazon logistics centers. Sustained renter demand and favorable supply conditions position new ownership to strategically time interior and amenity improvements, capture higher rents, and build value for a future exit.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Property Types: | Affordable Housing |
| Price: | $1,250,000 |
| No. of Units: | 136 |
| Average Occupancy: | 60 |
| Year Built: | 1969 |
| Year Renovated: | 2025 |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
| Price per unit: | $9,191 |
| Parking Spaces: | 141 |
| Property Website | Click Here |
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