Market Highlights
Lexington is the 2nd largest city in Kentucky with an MSA population of 520,045. While the state is most well-known for its bourbon distilleries and horse-racing industry, Lexington is perhaps most well-known for being the home of the University of Kentucky, which was recently ranked one of America’s Best Large Employers by Forbes. While UK is the largest university in the MSA and the state with an enrollment of 33,885 students, the Lexington MSA is home to another 9 colleges and universities, including Eastern Kentucky University, Georgetown College, Transylvania University, and Centre College. Not only does the presence of UK and other universities produce a highly educated workforce, but UK HealthCare brings an additional 10,000 jobs and 910 hospital beds to Lexington. UK HealthCare, Baptist Health, CHI Saint Joseph Health, and Veterans Medical Center account for nearly 2,200 hospital beds in Lexington. Additional anchors to the Lexington economy include Amazon, which opened up a 141,000 SF delivery station in 2021, and Toyota, which operates its largest manufacturing facility in the world in nearby Georgetown, KY. The 6-county Lexington MSA is home to 226 multifamily properties (50+ units) and 37,660 units with an overall occupancy of 93.3%. The multifamily development pipeline consists of 2,188 additional units under construction.
