CRE Q Kentucky

Greystone sells first phase of big mixed-use development in Lexington

Greystone Real Estate Advisors has closed the sale of the first phase of the 130-acre Ashgrove Commons mixed-use development in suburban Lexington, Kentucky.

Phase 1 is a 60-acre mixed-use site at Nicholasville Road and Ashgrove Road, and is now being developed by Cincinnati-based Inverness Homes, a division of Hills Properties. Phase 1 will contain a 312-unit class-A apartment community and 98 single-family homes, with site work scheduled to begin by June 1.

Jeff Stidham, managing director in Greystone Real Estate Advisors’ Lexington office, is also representing the sale of Phase 2 of Ashgrove Commons, which encompasses the remaining 70 acres of Ashgrove Commons.

Phase 2 is located at Nicholasville Road and Bethel Harvest Way, directly across from Phase 1. The site is also approved for mixed-use development and has more than 1,500 feet of highway frontage on Nicholasville Road.