502-386-6959
3353-3375 Cove Lake Dr, Lexington, KY for Sale
Apartments - FOR SALE
1/57
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3353-3375 Cove Lake Dr
Lexington, KY 40515


HIGHLIGHTS

  • IMMEDIATE YIELD WITH SIGNIFICANT ORGANIC UPSIDE
  • EXTREMELY WELL-MAINTAINED TOWNHOMES WITH ATTRACTIVE UNIT MIX
  • SUPERIOR SUBMARKET FUNDAMENTALS IN SUPPLY CONSTRAINED MARKET

OVERVIEW

Eagle Creek Townhomes offers the opportunity to acquire a 50-unit, 1997-built community located in the highly sought-after market of Lexington, KY. The property is currently 98% occupied and has demonstrated extremely strong growth with an average 13% increase on 2025 new lease trade-outs. The property is situated less than half a mile from Richmond Rd & Man-o’ War Blvd which are major thoroughfares providing connectivity to some of Lexington’s largest employers and economic drivers including The University of Kentucky, CHI Saint Joseph, Baptist Health, Conduent and more providing more than 40,000+ jobs in immediate area. Eagle Creek townhomes comprises a favorable unit mix of Large 1 Bedroom and 2- & 3- Bed Townhomes averaging 1,010 square feet including a Washer/Dryer & Private Balcony/Patios in every unit. Current ownership has recently invested over $500,000 in capital improvements and the property is well-positioned for new ownership to focus on immediate revenue growth by streamlining operations and capturing the organic, proven rent growth. Offered free and clear or with an assumable 3.83% Freddie Mac loan through April 2031, Eagle Creek Townhomes benefits from the supply-constrained submarket as there are no new units under construction in South Fayette County. The submarket is achieving 97.4% occupancy, 5.9% year-over-year rent growth and is an A-rated school district—positioning the asset for durable long-term performance.

FOR SALE DETAILS

PRICE

Request Info for Price

# OF UNITS

50

CAP RATE

Request Cap Rate

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Eagle Creek Townhomes

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1997

PARKING SPACES

73

LAND DETAILS

LAND ACRES

2.11 AC

LAND SF

91,912 SF

ZONING

R-3

APN/PARCEL ID

19975300,19975310,19975320,19975330,19975340,19975350,19975360,19975370,19975380,19975390,19975400

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Bobby SchiavoneNorthmarqMore Info
502-386-6959

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Bobby SchiavoneNorthmarqMore Info
502-386-6959

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.