PADUCAH KY—Capstone Apartment Partners announces the $3 million sale of Fernwood Homes: a 126-unit apartment community in Paducah, Kentucky.
The buyer, New York-based Hillcrest Acquisitions, recently closed on two other Paducah communities with Capstone: Riviera and Mora Mi Apartments. Between the three properties, Hillcrest now has a total share of 268 units in Paducah. They plan to bring in their own management company and begin rehabbing units to increase occupancy and get the property to current market standards.
Capstone sold Fernwood Homes on behalf of Fernwood Homes Limited Partnership, who owned the property for over 30 years. The transaction team was led by Jonathan Hawks, Adam Klenk, and Tyler Mayo.
Built in 1950, Fernwood Homes is comprised of 126 two- and three-bedroom apartment homes. Each unit features large closets, ceiling fans, and a fully equipped kitchen. The community is located at 710 Lone Oak Rd—nearly adjacent to Hannan Plaza shopping center.