ELK RIVER

The Opportunity

Elk River is a 40-unit affordable housing community located in Georgetown, KY for seniors ages 55+. The property is conveniently located minutes from major retailers including grocers, numerous restaurants, large retail centers, including the Georgetown Paddlers Mall, and major transportation arteries. Scott County Park, Charles Booking Park, and the Scott County Senior Activity Center are nearby as well.

Georgetown and Scott County have been the fastest growing areas in Kentucky since 2011, with an over 21% increase in population. The property is located just 15 miles from Lexington, KY, home to the University of Kentucky. The Lexington-Fayette MSA was ranked #33 on the U.S. News & World Report’s Best Places to Live in the U.S. in 2021-2022 list. It was also ranked #102 on the Best Places to Retire by that same report.

The property was built and placed in service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 50% of the Area Median Income (AMI) limits, which are provided by the Kentucky Housing Corporation.

Elk River Apartments offers 2 bedroom apartment homes featuring spacious floor plans, washer/dryer hookups, large utility room, patio/balcony, vaulted ceilings on second floor units, and all apartments are cable ready. Community amenities include a beautiful sitting area, an elevator, a community library, and a community kitchen and dining room.