Acquisition Grows Company Footprint in Cardinal Valley
Vision & Beyond Capital Investments has acquired the 70-unit Cambridge Homes multifamily development at 1980 – 2016 Cambridge Drive in Lexington, Kentucky. This acquisition represents the third that Vision & Beyond has made in the Cardinal Valley neighborhood, increasing their total holdings to 274 units in the vicinity.
Between the acquisition and planned improvements, Vision & Beyond is investing $3 million in Cambridge Homes. Vision & Beyond’s construction team will also make updates to the amenities in units as they become vacant through attrition. Cambridge Homes will continue to serve the workforce housing population, including middle-income, young professional, and student tenants. No tenants will be displaced while renovations are underway.
“We see a tremendous amount of potential in the Bluegrass,” says Stas Grinberg, managing principal, Vision & Beyond. “The latest census data shows that Lexington’s population is growing, and that means there will be a stronger demand for workforce housing units that serve the middle class. We believe we are here at the right time to be a part of this growth.”
Vision & Beyond’s desire is to retain tenants at Cambridge Homes and implement nominal rent increases as units as are renovated. The development offers convenient proximity to Downtown Lexington, the University of Kentucky, the Blue Grass Airport, and New Circle Road.
Earlier this year, Vision & Beyond acquired Ashland Apartments at 1329 Devonport Drive and Cambridge Park Apartments at 2045 Cambridge Drive. The properties are comprised of 120 units and 84 units, respectively.