LYNCHBURG, VA (December 11, 2017) – Wellings Capital, a commercial multifamily acquisitions and asset management firm, announced today that is recently closed on Richmond Commons, a 125-unit multifamily community in Lexington, KY.
Richmond Commons is unique in the Lexington market as a townhome-only community where each unit has two stories with two bedrooms, 1.5 baths, and a private patio.
The interiors have been recently remodeled, which presents the opportunity to grow rent revenue and occupancy through improved marketing, management, and further upgrades to interiors and amenities.
“Lexington is a strong multifamily market. Its consistent population and job growth combined with a strict limitation on new development have created strong demand for multifamily housing,” commented Paul Moore, Managing Director of Wellings Capital. “The lack of two-story townhomes in this market added to our enthusiasm about this acquisition.”
“Richmond Commons is located on one of Lexington’s major thoroughfares, within three miles of downtown and the University of Kentucky, and within two blocks of one of the city’s top high schools,” said Dr. Brian Robbins, another partner in the firm.
Property amenities include a swimming pool, clubhouse, and fitness center. Wellings Capital will be expanding the outdoor amenities by adding a dog park, fire pit, grilling stations, and more. The firm is also adding a community connection team that will plan social events and promote a warm and caring sense of community to increase resident satisfaction and engagement, a key strategy for each Wellings Capital property.
Cutt Ableson, managing director of Berkadia – a Berkshire Hathaway Leucadia National company – arranged the debt financing with a low-interest rate Freddie Mac Green loan based on the Wellings Capital strategy to implement water and energy saving features at the property.
“This acquisition was very appealing to debt providers. The powerful combination of the Wellings Capital team, the Lexington market, and the Richmond Commons asset enabled us to secure a non-recourse loan with several years of interest-only payments for the purchase,” remarked Ableson.
Wellings Capital has a strong pipeline of other opportunities and expects to make additional acquisition announcements in 2018 and beyond as the firm adds more high-potential multifamily assets to the portfolio.
About Wellings Capital
Wellings Capital is an income-focused multifamily real estate investment firm centered on providing stable, yield-producing investments to our clients. Our asset management partners have over $150m in performing multifamily assets under management and a lifelong history of client performance and satisfaction. We follow a reliable blueprint: an active, personalized approach to portfolio and asset management coupled with a conservative investment philosophy. To learn more, visit our website www.wellingscapital.com or call 800-844-2188.