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208-Unit Apartment Complex Sells for $18M

LEXINGTON, KY-The Resort at Lake Crossing at 3601 Brookwind Way, which is 98% occupied, sheds to Passco Cos. LLC at a nearly 6.5% cap rate.

By Gina Kenny | Updated on July 22, 2008

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.

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