Well-Maintained Asset: Current ownership has done an excellent job maintaining the property.
Value-Add & Management Upside: New ownership could implement a light value-add program and/or a utility reimbursement program to potentially increase NOI. Several other properties in the market currently charge for utilities.
Proximity to Lexington: Richmond is located roughly 21 miles southeast of Lexington, KY. Major demand drivers in Lexington include:
Minutes to Eastern Kentucky University: Park Place Community is located less than one mile from Eastern Kentucky University. With an enrollment of 16,612 and 1,750 jobs, EKU is the 4th largest university in the state of Kentucky.
Large Area Demand Drivers: Other considerable demand drivers in Madison County include:
Job Development & Announcements: There is significant development underway in the Richmond area, including:
Major Richmond Retail: Richmond Centre, the largest retail, multi-use development between Lexington, KY and Knoxville, TN, is a 120-acre, 600,000 SF retail space that includes Meijer, JCPenney, Belk, Cinemark Theatre, TJ Maxx, Hastings, Michael’s, & PetSmart. Additional retail in the area includes Walmart, Lowe’s, Bargain Hunt, Hobby Lobby, Office Depot, Ashley HomeStore, and Kroger.