KentuckyCRE Greystone sells first phase of big mixed-use development in Lexington May 23, 2018 Share on Facebook Share on Twitter Share on LinkedIn Share via email Greystone Real Estate Advisors has closed the sale of the first phase of the 130-acre Ashgrove Commons mixed-use development in suburban Lexington, Kentucky. Phase 1 is a 60-acre mixed-use site at Nicholasville Road and Ashgrove Road, and is now being developed by Cincinnati-based Inverness Homes, a division of Hills Properties. Phase 1 will contain a 312-unit class-A apartment community and 98 single-family homes, with site work scheduled to begin by June 1. Jeff Stidham, managing director in Greystone Real Estate Advisors’ Lexington office, is also representing the sale of Phase 2 of Ashgrove Commons, which encompasses the remaining 70 acres of Ashgrove Commons. Phase 2 is located at Nicholasville Road and Bethel Harvest Way, directly across from Phase 1. The site is also approved for mixed-use development and has more than 1,500 feet of highway frontage on Nicholasville Road.