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Eagle Creek Townhomes 3353-3375 Cove Lake Dr 50 Unit Apartment Building For Sale Lexington, KY 40515
INVESTMENT HIGHLIGHTS
- IMMEDIATE YIELD WITH SIGNIFICANT ORGANIC UPSIDE
- SUPERIOR SUBMARKET FUNDAMENTALS IN SUPPLY CONSTRAINED MARKET
- EXTREMELY WELL-MAINTAINED TOWNHOMES WITH ATTRACTIVE UNIT MIX
EXECUTIVE SUMMARY
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.
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.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 2.11 AC |
| No. Units | 50 | Building Size | 60,354 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Garden | Year Built | 1997 |
| Building Class | C | Parking Ratio | 1.21/1,000 SF |
| Zoning | R-3 - Planned NBHD Residential | ||
| Sale Type | Investment |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.11 AC |
| Building Size | 60,354 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built | 1997 |
| Parking Ratio | 1.21/1,000 SF |
| Zoning | R-3 - Planned NBHD Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Yard
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Controlled Access
- Courtyard
- Picnic Area
- Property Manager on Site
- Online Services
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 25 | - | 625 - 750 |
| 2+2.5 | 16 | - | 1,250 |
| 3+2.5 | 9 | - | 1,500 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 CAD | |
| Land Assessment | $0 CAD | Total Assessment | $9,090,315 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$9,090,315 CAD
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Eagle Creek Townhomes | 3353-3375 Cove Lake Dr
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