Insights > Deals
Subtext acquires Lexington site for 520-bed EVER development
24 August 2026 |Land acquisition | US | 520 beds | Development
The purchase advances Subtext's second student housing development beside the University of Kentucky.
Key details
Asset type | Development |
Location | Lexington, US |
Capacity | 520 beds |
Seller | Warehouses KY LLC / Gordon Bentley |
Buyer | Subtext |
Value | US$12.2 million |
Source: Subtext
Deals recorded in August show that the five parcels around 565 South Limestone were acquired for US$12.2 million from Warehouses KY LLC and Gordon Bentley.
EVER Lexington is planned as a seven-storey community with 149 units, about 4,000 sq ft of ground-floor retail and a broad range of study, wellness and social amenities.
Subtext is developing the project with FrontRange Capital and Larson Capital Management, with UMB as lender, Southern Building Group as general contractor and KTGY as architect. Construction is expected to start in autumn 2026, with delivery scheduled for summer 2028.
Strategic context
The land purchase converts an entitled opportunity into an owned development pipeline and gives Subtext two projects totalling 1,304 beds next to the University of Kentucky. It also extends the company's relationships with FrontRange Capital and Larson Capital Management in a qualified opportunity zone structure.
Building a second community in the market should create operating scale while increasing Subtext's exposure to a flagship university with substantial campus investment.
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