The newly built shopping center on Nicholasville Road opened it’s apartment complex, The Henry at Fritz Farm, in 2017. Did it recently get bought out by another company? Who? Where are they located? How much did they pay for the complex?
According to Fayette PVA David O’Neill, the apartment complex was recently bought out by Passco Corporation located in Irvine, California. This purchase broke records for the city of Lexington.
The complex sold for $64 million, which makes it the largest dollar transaction involving an apartment complex. It surpassed the original holder of that record, Forty57, by quite a bit. That complex was sold for $52 million in 2012.
This transaction also broke the record for price per unit. Originally held by WaterStone at Hamburg Apartments near Costco for $166,000. The Henry’s price per unit was $209,000.
The apartment complex was developed by Birmingham-based Dobbins Group, LLC, a multi-family real estate development firm. The firm spent $45 million to complete the luxury apartments. Dobbins Group partnered with Bayer Properties and Capstone Building Corp.
The Henry at Fritz Farm is situated on four separate parcels; some of which have retail space on the first floor. Those spaces were not apart of the transaction.
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