Greystone Real Estate Advisors closed the sale of Phase 1 of the 130-acre Ashgrove Commons mixed-use development in suburban Lexington, Kentucky. Phase 1 is a 60-acre mixed-use site at Nicholasville Road and Ashgrove Road, and is now being developed by Cincinnati-based Inverness Homes, a division of Hills Properties. Phase 1 will contain a 312-unit class A apartment community as well as 98 single-family homes. Site work is scheduled to commence by June 1.
According to Jeff Stidham, managing director in Greystone Real Estate Advisors’ Lexington, Kentucky office, “We are particularly pleased to have attracted a development company with the stature and reputation of Inverness Homes. Inverness has built over 4,000 homes in Dayton, Cincinnati, and Louisville.”
Jeff Stidham is also representing the sale of Phase 2 of Ashgrove Commons, which encompasses the remaining 70-acres of Ashgrove Commons. Phase 2 is located at Nicholasville Road and Bethel Harvest Way, directly across from Phase 1. The site is also approved for mixed-use development and has over 1500 feet of highway frontage on Nicholasville Road, providing excellent visibility to over 50,000 cars per day. A new traffic light serving the Ashgrove Commons development is projected to be operational prior to the end of 2018.
According to Mr. Stidham, “The southern Lexington, northern Jessamine county corridor is the 2nd fastest growing market in Kentucky. Annual population growth exceeded 2% from years 2000 – 2015, which presents an excellent investment opportunity.”