Dobbins Group engaged the Cushman & Wakefield/Commercial Kentucky team of Mike Kemether and Craig Collins to market The Henry for sale.

Among the property's amenities include a resort-style saline swimming pool with oversized sundeck, poolside fire pits, a clubroom with a coffee bar, a business center and conference room and a 24-hour fitness center with yoga classes. All buildings are elevator served, offer internal air-conditioned corridors, and include a resident/guest call system.

Gillis touts the affluence of the Lexington community as a key driver to its decision to purchase The Henry at Fritz Farm property.

“Lexington is a very wealthy, established community that continues to grow and create numerous new high-paying jobs, and that is certainly reflected in the absorption rate and the on-site demographics at The Henry,” Gillis says. “The property has one of the most affluent tenant bases of any community in any market in which we have ever acquired, and perhaps the lowest rent-to-income ratio in our portfolio.”

He notes that the metro Lexington economy has for years been led by healthcare and tourism, but relates that recently thanks to strong job and population growth the region has begun to attract Fortune 500 companies including Amazon and Xerox.

The top employers in the region are the University of Kentucky, Toyota, Amazon, Lexmark International, and Lockheed Martin.

Gillis adds that as The Summit at Fritz Farm's retail and hotel properties mature, the firm's newly acquired multifamily asset will “gain further momentum and realize its full potential.”