LEXINGTON, KY – KIG, an institutional multifamily brokerage, announces a 9.7 acre land sale in Lexington, Kentucky for $2.75 million. The purchaser, Miller- Valentine Group, plans to build WaterStone, a 264-unit Class A luxury apartment community on the site. The multifamily development will be adjacent to Hamburg Place, an expansive two million square foot, mixed-use development comprised of retail, professional offices and residential development.
WaterStone is a rare urban density development for a suburban location in Lexington, Kentucky. The WaterStone site is well located at the northeast corner of Man O’ War Boulevard and Polo Club Boulevard. WaterStone will offer one, two and three-bedroom floor plans in two, four-story residential elevator serviced buildings with surface and attached garage parking. The luxury units will offer granite countertops, stainless steel appliances, balconies, luxury vinyl plank flooring, and air conditioning. The community will feature amenities such as a resort style salt/mineral pool, private resident playground, on-site management, dog park, state of the art fitness center, outdoor fire pit lounge area, game room, outdoor grills and concierge service. The WaterStone development will also include a 5,500 square foot club house. WaterStone marks the first luxury apartment development for Miller Valentine Group in Lexington. In addition to Waterstone, Miller-Valentine Group has developed two commercial office buildings and a senior independent living apartment community in Hamburg Place. The regional developer is based in Dayton, Ohio.
The seller was represented by Stidham Commercial Partners’ Jeff Stidham and Justin Stevens, and KIG’s Managing Partner Todd Stofflet. Stidham Commercial Partners and KIG CRE LLC were involved in an 18-month process of predevelopment consulting, development planning and working with the City of Lexington to achieve favorable zoning for one of Lexington’s largest new developments.
“We are very excited to offer a unique luxury apartment community in the Lexington market that will be attractive to both the millennial and the empty nester population”, said Dave Liette, President of Miller-Valentine Residential Development. “Jeff Stidham and Justin Stevens were extremely helpful in assisting with Miller-Valentine Group’s access in the market and navigating through all the development approvals with the City of Lexington.
“We are excited to be a part of this neighborhood changing development in the heart of Lexington’s Hamburg corridor,” said Todd Stofflet, Managing Partner at KIG.
Hamburg Farm is the site of the historic horse farm on Winchester Road founded by John E. Madden in 1898. The original 235-acre farm grew to include 2,000 acres over time. Hamburg Farm produced six derby winners and five members of the racing hall of fame, including America’s first Triple Crown winner, Sir Barton.
About KIG: KIG CRE LLC (“KIG”) is a Chicago-based commercial real estate brokerage specializing in institutional multifamily properties. KIG works with institutional owners and investors on the acquisition and disposition of large multifamily properties and portfolios, as well as consulting with developers of multifamily projects, whether apartment or condominium. KIG utilizes dynamic market intelligence created for a wider group of multifamily decision makers, resulting in a more transparent and profitable process. KIG’s principals, wielding expert, in-depth multifamily knowledge and an unparalleled track record in transactions, have assembled a forward-thinking team to interpret and deliver data-driven intelligence to today's institutional investor. For more information, please visit www.kigcre.com.
About Stidham Commercial Partners: From its origin as a Washington DC-based commercial brokerage company, Stidham Commercial Partners has grown into a diversified network of interrelated companies and veteran brokers, today providing services to virtually every segment of the real estate industry. Stidham Commercial Partners is an in-place network of veteran real estate brokers with extensive experience in the acquisition and disposition of real estate assets for national corporate accounts and private owners.
About Miller-Valentine Group: Miller-Valentine Group offers real estate solutions in the areas of Design/Build Construction, Development, Management, and Financing for both multifamily and commercial markets and also provides Brokerage and Leasing services in the Dayton market. The multifamily division of Miller-Valentine Group has developed/constructed over 14,000 housing units with a presence in 17 states, and is the 28h largest owner of affordable real estate in the country. Miller-Valentine Group, founded in 1963, develops real estate in the Midwest, Southeast, and Southwest regions of the country, with offices in Dayton and Cincinnati, Ohio; Columbia and Charleston, South Carolina; Charlotte, North Carolina; and Dallas, Texas, and has built more than 80 million square feet of commercial space over the last 50 years.
Miller-Valentine Group offers a wide range of multifamily products, including luxury, military, and affordable housing and an equally wide range of commercial products, including office, retail, lodging, healthcare, manufacturing and distribution facilities. For more information, visit www.mvg.com.