March 4, 2019
California-based Passco Companies acquired The Henry at Fritz Farm, a 306-unit, Class A+ multifamily community in Lexington, KY, from Birmingham, AL-based Dobbins Group for $62.4 million. The property is within one of the Southeast’s leading entertainment and retail districts, The Summit at Fritz Farm.
Developed by Bayer Properties, the highly-walkable, mixed-use, master-planned community features more than 280,000 square feet of Class A+ retail with a mix of local, regional and national tenants. Completed in 2017, The Henry features a mix of one-bedroom, two-bedroom, and three-bedroom flats with modern design elements.
Passco’s Colin Gillis says, “The property has one of the most affluent tenant bases of any community in any market in which we have ever acquired, and perhaps the lowest rent-to-income ratio in our portfolio.”
Cushman & Wakefield/Commercial Kentucky’s Mike Kemether and Craig Collins marketed The Henry on behalf of the seller. KeyBank Real Estate Capital’s Chris Black and Caleb Marten arranged acquisition financing for the buyer.
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