The assets set records in both Lexington and LouisvilleLOUISVILLE, KY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two multi-family communities totaling $17.4 million in Lexington and Louisville.
The 312-unit Pegasus Place Apartments (bottom left map site) in Lexington commanded a price of $13.6 million, representing $43,590 per unit.
The sale marks the highest price per unit for a 1970s-constructed, market-rate apartment property in the Lexington MSA.
In a separate transaction in Louisville, Marcus & Millichap arranged the sale of the 66-unit Worthington Apartments (top right photo) for $3.8 million, representing $57,576 per unit. Constructed in1968, this asset commanded the highest price per unit ever achieved in the apartment market for 
product developed before 1990 in Louisville.
product developed before 1990 in Louisville.Aaron Johnson, principal broker of the Louisville office of Marcus & Millichap, represented the both the local and the New Jersey-based sellers, as well as the New York-based buyer, who acquired both properties.
“This transaction proves that there are still tremendous real estate investment opportunities even as the capital markets continue to tighten,” says Johnson.
“Apartment properties offer the most stability out of all the major property sectors to private investors in the current economic climate.”
Located at 2504 Larkin Road, Lexington, the 267,600-square foot Pegasus Place Apartments features one- and two-bedroom units on 14.62 acres. Amenities include a swimming pool, clubhouse, on-site laundry facilities, fitness center, play ground and tennis court.
Pegasus Place sold at a cap rate of a 6.9 percent and assumed an interest-only loan.
Located at 735-737 South Second St., the Worthington Apartments consists of 66 one- and two-bedroom units, just minutes away from downtown Louisville. Amenities include gated off-street parking, monitored and controlled entry, business center with Internet access and a courtyard. Worthington Apartments sold at a 7.6 percent cap rate.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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