Kentucky apartments change hands

Property boasts low vacancy rate

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A limited liability company has purchased The Fountains at Andover multifamily community in Lexington, Ky., for $28.5 million. The 318-unit property, sold by Northwestern Mutual to B & M Management Co. LLC, is located at 3200 Todd Road. The property was completed in 1998 and features studios and one-, two- and three-bedroom units averaging 861 square feet each. Community amenities at the property include a clubhouse, business center, pool, fitness center, tennis court and car wash area. At the time of sale, the complex was 97 percent occupied. ...