(To read more on the multifamily market, click here.)
LEXINGTON, KY-Sterling American Properties Inc. has purchasedthree multifamily properties from Comprehensive Management Servicesfor approximately $53 million. Consisting of three apartmentcomplexes, the portfolio includes the 480-unit Raintree Apartments,the 396-unit Stoney Falls community and the 232-unit residentialcomplex known as the Stoneybrook Apartments.
Jeff Smith, vice president of acquisitions for Sterling, tellsGlobeSt.com that Lexington's solid economy, which he calls"practically recession-proof," attracted the firm to the area. "Thelocal economy is based on horses, tobacco and bourbon," he says."But there is also mining and a Toyota plant approximately 30 milesaway."
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