LEXINGTON, Ky. May 14, 2025 – The Gene B. Glick Company preserved 204 affordable apartment homes for seniors and people with disabilities at Briarwood of Lexington through a $9.5 million renovation, investing more than $45,000 per unit. This public-private partnership—Glick’s first in Kentucky—helps to ensure these one-bedroom apartment homes are affordable, high-quality, and safe places to call home for decades to come. Kentucky Housing Corporation (KHC) awarded the project an allocation of Tax-Exempt Bonds in conjunction with 4% Low-Income Housing Tax Credits. Additionally, Lexington-Fayette Urban County Government awarded the project $500,000 from its Affordable Housing Fund.

“Many of the apartment communities we own and manage were developed in the 1970s and 80s. Today, it’s our responsibility to the residents, neighbors, and communities we serve to ensure they have quality affordable housing for the future,” said David Barrett, chairman, president, and CEO of the Glick Company. “We are deeply grateful to the Kentucky Housing Corporation, the City of Lexington, and other project partners for their investment in making this possible.”

Built by Glick in 1979, Briarwood of Lexington is a federally subsidized apartment community. Each apartment home received the following updates:

• Kitchen upgrades, including new cabinets, countertops, and appliances

• Bathroom upgrades, including new cabinets, vanity, countertops, and bathtubs

• New LVT flooring through the entry, kitchen, bath, and dining areas

• Electrical updates, including light fixtures and electrical panels

• New interior doors

• New Packaged Terminal Air Conditioners (PTAC)

Additionally, the broader apartment community received a full building repaint, upgraded elevators, new building entry doors with ADA push button operators, enhanced landscaping, and more.

“Kentucky needs more than 100,000 rental units to serve its current population needs, and Fayette County alone needs more than 14,000,” said Terry Helton, managing director of multifamily programs at Kentucky Housing Corporation. “We must invest in quality housing solutions to address the gap. By preserving these 204 units at Briarwood of Lexington, we can provide Fayette County an affordable, comfortable, stable home in the community they love. We are proud to partner with Glick to make this development a reality.”

In Lexington alone, there is a shortage of 22,549 units of affordable housing according to a 2024 Affordable Housing Needs Analysis commissioned by the City of Lexington.

“Housing availability and affordability are top concerns for Lexington residents, and over half indicated difficulty affording housing costs,” said Charlie Lanter, commissioner of Housing Advocacy & Community Development with the City of Lexington. “Public-private partnership—like this one with Glick—is one of the many ways we’re collaborating to maximize resources and think creatively about the solutions.”

This rehabilitation was also made possible through project support from New Hope Consulting, construction by CRG Residential, equity investments by CREA, LLC, construction lending by Fifth Third Bank, and permanent lending by Merchants Capital.

About Gene B. Glick Company

The Glick Company, based in Indianapolis, is one of the largest privately held real estate ownership, development, and management firms in the country with more than 22,000 multifamily units across 13 states. For more than 75 years, Glick has built value for people and places by investing in team members, residents, and the communities they serve. For more information, visit genebglick.com.