Investment Highlights

  • Value-Add Potential through Interior Upgrades: New Ownership will have the opportunity to complete a unit upgrade initiative to each of the property's 318 units, which could lead to a potential annual NOI increase of $381,600
  • Strong Property Performance Trend: Market Rents for The Fountains at Andover's 4 floor plans have increased by an average of 10.53% since 2014, including a 16.54% increase for the property's 2BD/2BA unit; Submarket rents increased 13.53% in 2015 & 2016 alone
  • Additional Income Opportunity through New Cable Contract: Beginning in September 2017, current ownership is replacing the existing cable contract with a new fiber contract, which is expected to lead to an annual expense reduction of roughly $192,000
  • Competitive Amenities Package: The Fountains at Andover offers its residents the following amenities:
    • 24-Hour Fitness Center
    • Car Wash Area
    • Gazebo with Grilling Area
    • Multi-Sport Court
    • Resort-Style Swimming Pool w/ Hot Tub
    • Wi-Fi enabled Clubhouse

Location Highlights

  • Convenient Access to Major Lexington Employers: Adjacent to major thoroughfare Man O War Boulevard (46,954), The Fountains at Andover offers its tenants convenient access to some of Lexington's largest employment, including the University of Kentucky (14,000 jobs), Toyota Manufacturing (8,200 jobs), Lexmark (2,200 jobs), North Central Baptist Hospital (2,800 jobs), & Saint Joseph Hospital (1,757 jobs)
  • Close Proximity to Significant Retail Centers: Hamburg Pavilion, a shopping center with over 1M square feet of retail anchored by Target, Kohl's, Dick's Sporting Goods, & Best Buy, is located roughly 1 mile from the property
  • Impressive Neighboring Home Values: Home sales in the immediate area range up to $625,000; the median home value in Lexington is $162,900 (Zillow)
  • Brand-New High School Opening Fall 2017: Residents of Fountains at Andover will be zoned for Frederick Douglass High School, a recently completed $81.4 million state-of-the-art high school

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