12/16/2008

Two Kentucky multi-families bring $17.4M

by
Marcus & Millichap has arranged the sale of two multi-family properties totaling 378 units in Kentucky for a combined sale price of $17.4 million.

In Lexington, the Pegasus Place Apartments sold for $13.6 million. The apartments are located at 2504 Larkin Road and contain 312 units. Built in the 1970s, the property sold for $43,590 per unit and is comprised of 267,600 square feet.

In Louisville, the Worthington Apartments sold for $3.8 million. Built in 1968, the 66-unit property is located at 735-737 S. Second St., and sold for $57,576 per unit with a 7.6 percent capitalization rate.

Aaron Johnson, a broker in Marcus & Millichap's Louisville office represented the New Jersey-based sellers and the New York-based buyer.

Address: Pegasus Place at 2504 Larkin Road, Lexington, Ky.
- Worthington Apartments at 735-737 S. Second St., Louisville, Ky.

Size: 378 units

Built: 1968, 1970s

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Filed Under: Multi-Family

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