Investment Highlights

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:

  • University of Kentucky (16,743 jobs)
  • Toyota Motor Manufacturing (9,712 jobs)
  • Amazon (2,700 jobs)
  • Conduent (2,500 jobs)
  • Veterans Medical Center (2,000 jobs)

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:

  • Hitachi Automotive Systems (1,307 jobs)
  • Blue Grass Army Depot (1,160 jobs)
  • EnerSys (475 jobs)
  • Baptist Health Hospital (105 beds)

Job Development & Announcements: There is significant development underway in the Richmond area, including:

  • AppHarvest - recently started construction on a 60-acre farm in addition to its new 2.76 million SF facility in Morehead, KY
  • Hitachi - bringing 200 jobs to Berea
  • Framebridge - opening a Lexington manufacturing site which will employ 240
  • Asahi Forge corporation - building its 3rd manufacturing facility in Richmond
  • Buc-ee’s - approved for a 53,000 SF, $30 million travel center that will bring 150-200 jobs to the area
  • Other exciting developments include an A&W learning center & restaurant, fiber internet service in Richmond, a $1.8 million expansion of the Central Kentucky Regional Airport, and a surge in hemp production

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.

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