Premier Class A Location

Located in one of Lexington’s more desirable submarkets, The Wellington benefits from 1-mile average household income of $123K+ and access to top-rated schools (8/10 greatschools.org), reinforcing strong long-term rental demand.

Well Maintained Asset

Current ownership has invested over $3.7 million (more than $27k per unit) in renovations at The Wellington, including upgrades to amenities, asphalt, the clubhouse, electrical systems, dryer venting, exterior painting, fencing, the fitness center, flooring, granite countertops, bathrooms, stainless steel appliances, and washer/dryer sets.

Room to Grow Rents

The Wellington features 66 one-bedroom and 72 two-bedroom units, with current rents significantly trailing those of comparable vintage properties in the area. This gap presents a clear opportunity for new ownership to enhance NOI through strategic rent increases.

Operational Upside

New ownership will have the opportunity to benefit from multiple income growth opportunities, including:

• Loss to Lease Burnoff of $30 per unit
• Washer/Dryer rental program for 72 2-bed units

Access to Nearby Retail

The Wellington is less than 5 minutes from Fayette Mall and Summit at Fritz Farm and 20 minutes from Hamburg Pavilion.

• Fayette Mall: 1,184,982 SF anchored by Macy’s, JCPenney, and Dillard’s with over 190 stores and restaurants.
• Hamburg Pavilion: 989,779 SF anchored by Target, Kohl’s, Costco, and Dick’s Sporting Goods with over 70 stores and restaurants.
• Summit at Fritz Farm: 325,600 SF of Class-A retail anchored by Whole Foods, Apple, Nike.

#1 Employment Growth

Lexington-Fayette, Kentucky, has experienced the highest employment growth rate among all metro areas within the Cleveland Federal Reserve Bank’s district, reaching 5.5% since 2020. This strong job growth highlights the area’s economic resilience and expanding labor market.