Overview
The Wellington is a 138-unit garden-style community located in a desirable Lexington submarket supported by $107K+ average household incomes within one mile and highly rated schools. Ownership has invested more than $3.7M in renovations since 2016, upgrading interiors, appliances, and amenities to create a well-maintained, stabilized asset. The property benefits from immediate proximity to Fayette Mall, The Summit at Fritz Farm, and Hamburg Pavilion, along with access to major employers including the University of Kentucky and the Toyota Georgetown plant, supporting durable renter demand.
In-place rents remain below comparable communities, providing a clear opportunity for revenue growth through strategic increases and operational enhancements such as a washer/dryer rental program. The offering presents a stable cash-flowing investment with identifiable upside in a metro experiencing strong employment growth and continued economic investment, delivering both day-one income and future NOI expansion potential.
Investment Highlights
Premier Class A Location
Located in one of Lexington’s more desirable submarkets, The Wellington benefits from
1-mile average household income of $107K+ and access to top-rated schools (9/10
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 since 2016, 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. These
enhancements have transformed The Wellington into a repositioned asset, increasing its
appeal and market competitiveness.
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 generate additional revenue by implementing
a Washer/Dryer rental program for the 72 two-bedroom 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.
UNIT BREAKDOWN
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