LEXINGTON, KY - Campus First Student Living and CF Real Estate Services have acquired The LEX, a 649 bed student housing project located within walking distance of the University of Kentucky (UK) in Lexington, Kentucky.
“The acquisition of The LEX firmly exhibits our acquisition strategy of acquiring high quality, pedestrian student assets well below replacement cost,” states CF Real Estate Services CEO, Brett Finkelstein.
The LEX is a mid-rise property centrally located near the UK campus and downtown business district in Lexington. The LEX was constructed in 2008 and delivered its first units in 2009. The subject property has a total of 266 units with 649 beds. The LEX offers prime walkability to the university as well as 172 restaurants, bars, and nightlife venues all in close proximity. Additionally, the property has 23,444 square feet of retail space that is available for lease.
Campus First is a boutique style acquisition/development and property management firm that focuses on purpose built student housing. Campus First is a division of parent company, CF Real Estate Services, headquartered in Atlanta, GA. CF Real Estate Services currently owns or manages 25,000 units throughout the Southeast and Texas.
Renovations and value improvements for The LEX are valued at $2.5M, and are scheduled to begin prior to the 2018/2019 school year. Property renovations will include the addition of VIP suites that will offer granite countertops, appliances, hardware, and lighting.
Additionally, the scope will include a new re-design of the office space and clubhouse that will feature luxury entertainment areas, private study rooms, shared conference rooms, as well as a new fitness centre and studio.
“We are eager to start renovations on this property as the VIP suites will present students an opportunity for an elevated off-campus living experience that they will not receive elsewhere,” states Christopher Feeley, President of Campus First.