LEXINGTON, Ky.—Describing it as an expansion of the firm’s footprint into Central Kentucky, Cincinnati-based Vision & Beyond Capital Investments has acquired two Lexington apartment properties. Ashland Apartments at 1329 Devonport Drive (40504) and Cambridge Park Apartments at 2045 Cambridge Drive (40504) include 120 units and 84 units, respectively.
Including planned renovations, Vision & Beyond expects its investment to total about $15 million.
Founded in Cincinnati in 2018, Vision & Beyond was created by Stas Grinberg and Peter Gizunterman, two veteran officers in the Israel Defense Forces, with the intention of investing in multifamily workforce housing in markets away from the U.S. coasts, according to a news release from V&B. The company expects more U.S. jobs to shift from the coasts in pursuit of lower costs of living and business operations.
Vision & Beyond operates as an integrated structure with three subsidiaries in Cincinnati that oversee construction, distribution of building materials, and asset management. A fourth subsidiary, Vision & Beyond Israel in Tel Aviv, is dedicated to raising capital and managing investor relations with international client partners.
These two acquisitions mark the first time Vision & Beyond has invested in commercial real estate outside of Ohio. Co-CEO and Co-Founder Stas Grinberg says the Bluegrass is rich for opportunity.
“We believe in Lexington’s economy. Every person we’ve talked to – potential lenders, potential equity partners – they are excited about the strong population here, and the opportunity to add value to Central Kentucky’s workforce housing,” Grinsberg said.
Vision & Beyond will make comprehensive improvements to both properties including foundation repair and renovations to HVAC, electric, and plumbing. Both properties are currently occupied and will remain so throughout the process.
“We want to really improve these properties for the better,” says Co-CEO and Co-Founder Peter Gizunterman. “We plan to work with the tenants to make immediate improvements to the spaces they already call home. And we can make arrangements with existing tenants to move into fully renovated spaces as they sign new leases.”
Ashland Apartments and Cambridge Park Apartments both offer convenient proximity to Lexington’s major employment centers, including a 3-minute drive to New Circle Road, 10-minute drive to Downtown Lexington, and 12-minute drive to the University of Kentucky and UK’s Albert B. Chandler Hospital.
Vision & Beyond has invested $84 million and acquired more than 1,500 multifamily residential units in Greater Cincinnati. The company is poised to invest another $200 million in Cincinnati, Columbus, and Dayton, and Lexington in 2021.