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LEXINGTON, KY-The Resort at Lake Crossing, 3601 Brookwind Way, has been sold for nearly $18.3 million. The 208-unit apartment complex was sold by Lake Crossing LLC, based here, to Passco Cos. LLC, a company based in Irvine, CA for its tenant-in-common fund. The cap rate was nearly 6.5%.

The seller was disposing of the property as part of a 1031 exchange with K&S Exchange XI LLC being the intermediary, says Todd Stofflet with the Detroit office of Hendricks & Partners. Stofflet, Rick Vidrio and Rick Brace, all with the Detroit office of Hendricks & Partners, and Jeff Stidham, with Stidham Commercial Partners, represented the seller in the sales transaction.

The complex was constructed in 2000 and consists of 13 two-story buildings. The complex has a mix of one-, two- and three-bedroom units. The average unit size is 1,028 sf, which is large for the area, and the average rental rate is $758, Stofflet says.

The Resort at Lake Crossing is 98% occupied, he tells GlobeSt.com. Unit amenities include wood-burning fireplaces, walk-in closets and vaulted ceilings. Property amenities include a clubhouse, fitness center, business center, conference room and swimming pool with sundeck. The property is located on the southeast side of town and is about two miles from Hamburg Crossing, a new planned unit development, Stofflet says.

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