Campus First Acquires 649-Bed Student Housing Community Near University of Kentucky

LEXINGTON, KY. — Campus First Student Living, CF Real Estate Services’ student housing development and management division, has acquired The LEX, a 649-bed student housing project located near the University of Kentucky campus. The seller and sales price were not disclosed. The mid-rise property is walkable to campus and downtown Lexington. The property opened in 2009 with 266 units and contains 23,444 square feet of retail space. Atlanta-based Campus First is planning $2.5 million in renovations for the property, and estimates the work will begin prior to the 2018-19 academic year. The renovation will include the addition of VIP suites that will have granite countertops, stainless steel appliances, new kitchen hardware, subway-style tile backsplashes and new lighting. The clubhouse and office space will also be renovated, adding private study rooms, shared conference rooms and a new fitness studio and center.