CARMEL, INDIANA (January 27, 2021) – Lauth Communities, a wholly-owned subsidiary of Carmel-based Lauth Group, Inc, has completed the acquisition of three multifamily properties in the Bowling Green and Lexington, Kentucky markets. The acquisitions add 360 additional units to the company’s portfolio.
The Drake, located at 726 Cumberland Trace Road in Bowling Green, Kentucky, is a 288-unit complex completed in 2019. The property resides on 30 acres and consists of 1-, 2- and 3-bedroom units. The luxury community features a clubhouse, pool, onsite dog parks, fire pits, game center and 30 free standing garages. Bowling Green is home to Western Kentucky University and is Kentucky’s third largest and fastest growing city. The Drake features twenty-two, 3-story buildings on a 30-acre site. Leasing information is available at www.TheDrakeapartmentliving.com.
The Stables at Waveland Farm and The Woods at 1850, located in Lexington, Kentucky, will add 72 units and become a part of Lauth Communities existing local-based community, Palomar View Apartments. Lauth acquired Palomar View, a 180-unit community, in 2019. Both communities will be re-branded the Stables at Palomar and Stables at the Woods and will be operated from the Palomar View management leasing office. The properties are located within 3.5 miles of each other. The Stables at Waveland Farm was built in 2019. Leasing information is available at www.PalomarStablesapartmentliving.com.
The Woods at 1850, now the Stables at the Woods, was also completed in 2019 and features 1-, 2- and 3-bedroom floorplan options. Leasing information is available online at www.PalomarWoodsapartmentliving.com.
The Lexington-based Silvestri Real Estate team assisted Lauth Communities with the acquisition. The Drake was represented by Brian Devlin of The Kirkland Company. Acquisition financing was provided by JLL represented by Ken Martin and Fannie Mae for the Stables and Woods properties. Brian Shelbourne with Merchants Capital assisted with financing for The Drake acquisition.
With the addition of these communities to its multifamily portfolio, Lauth Communities has grown to over $213 million in assets with more than 1,500 units under management and ownership.