Crystal Gardens

LENDER DRIVE SALE | 136 UNITS WITH STRATEGIC VALUE-ADD UPSIDE IN FAST-GROWING LEXINGTON, KY

Colliers is pleased to present Crystal Gardens, a 136-unit garden-style community with immediate value-add upside in Lexington, KY. New ownership can unlock the property’s full potential through targeted interior renovations across all 136 units, driving higher rents and NOI growth. Nearby competitor The Wellington, built in 1974, demonstrates the upside available through interior and amenity upgrades, achieving rents over $1,100/unit—more than $300 above Crystal Gardens.

Repositioning underutilized outdoor space will complement interior renovations and elevate Crystal Gardens’ perception in the market. Proposed enhancements include a courtyard gathering area with a pergola, grilling stations, and outdoor seating, along with a dedicated dog park, playground, and reconfigured parking. Covered parking presents an additional opportunity to generate ancillary income. Combined with unit interior renovations, these improvements would strengthen the property’s competitive position and appeal to a higher-income demographic.

New ownership will acquire an ideal value-add opportunity supported by population growth exceeding 40% since 2000, no new supply, strong rent growth, and stable occupancy. Crystal Gardens offers easy access to the University of Kentucky, UK HealthCare, and three Amazon logistics centers. Sustained renter demand and favorable supply conditions position new ownership to strategically time interior and amenity improvements, capture higher rents, and build value for a future exit.

54% Occupied