News Summary
Studios340, a new apartment complex in Lexington, is set to open with 105 modern units to address the city’s housing shortage. The development, costing around $13 million, is part of Cowgill Asset Management’s strategy to provide quality housing options and will offer flexible leasing choices. The complex is designed with community needs in mind, being pet-friendly and inclusive of local furnishings. This addition aims to meet the increasing demand caused by remote work trends.
Lexington will welcome a new addition to its housing landscape as the Studios340 apartment complex opens its doors on Wednesday. This new development, located on Legion Drive, will feature 105 modern apartment units designed to accommodate the growing demand for housing in the city.
The total cost of developing Studios340 is reported to be approximately $13 million. This investment represents a significant effort to enhance housing options in Lexington, especially as the city faces a critical housing shortage. A recent study conducted in October 2024 indicated that Lexington requires an additional 22,549 housing units to meet current demand, which has become increasingly pressing as remote work trends lead to a decline in office space needs.
The opening of Studios340 will also mark an expansion of Cowgill Asset Management’s portfolio, bringing the total number of communities they manage in Fayette County to 15. Following the inauguration of this new complex, Cowgill’s total apartment count in the area will grow to 2,029 units. This expansion comes alongside a broader initiative to invest in infill projects, which are deemed crucial for accommodating the city’s growing population.
A Range of Housing Options
Studios340 will offer both short-term and long-term leasing options, catering to a variety of tenant needs. The complex will feature multiple sizes of studio apartments along with three one-bedroom units. Rent prices will range between $1,255 and $1,855 per month, and this rate will include essential utilities, making it a convenient choice for potential residents.
Community Features
The complex has been designed with community and comfort in mind. It will be pet-friendly and smoke-free, promoting a healthy living environment for all tenants. Additionally, prospective residents will have the option to choose between furnished and unfurnished units. The furnishings for the apartments will be sourced locally from Lexington-based companies, further supporting the community’s economy.
Today’s Housing Challenges
As cities like Lexington evolve, the demand for innovative housing solutions becomes increasingly apparent. The rise of remote work has led to a transformation in how living spaces are utilized, prompting more developers to invest in residential properties rather than traditional office spaces. The opening of Studios340 is a direct response to this shift and underscores the ongoing need for affordable and accessible housing in urban settings.
The new apartment complex at Studios340 is part of a broader strategy by Cowgill Asset Management to provide quality living options for a diverse population. With the construction of this apartment complex, the company aims to not only meet current demand but also anticipate future housing needs as Lexington continues to grow and evolve.
As the city prepares for the opening, local residents and future tenants alike will be looking forward to what Studios340 has to offer as they navigate an increasingly competitive housing market. With its modern amenities and strategic location, Studios340 is poised to play a significant role in Lexington’s housing landscape.
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Additional Resources
- Lex18: 7 people displaced after fire at Lexington apartment complex
- Google Search: fire at lexington apartment complex
- WKYT: Crews respond to fire at Lexington apartment complex
- Encyclopedia Britannica: apartment complex
- Kentucky.com: Local news on Fayette County
- Google News: Fayette County news
- Fox56 News: Lexington police find shell casings
- Wikipedia: Apartment
- WTVQ: Crews fight fire at Lexington apartment complex
- Google Scholar: apartment fires
Author: STAFF HERE LEXINGTON KY STAFF
LEXINGTON STAFF WRITER The LEXINGTON STAFF WRITER represents the experienced team at HERELexingtonKY.com, your go-to source for actionable local news and information in Lexington, Fayette County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Woodland Art Fair, Crave Food and Music Festival, and Railbird Festival. Our coverage extends to key organizations like Commerce Lexington and Blue Grass Community Foundation, plus leading businesses in education, manufacturing, and technology that power the local economy such as University of Kentucky, Toyota Motor Manufacturing, and Lexmark. As part of the broader HERE network, including HEREBowlingGreen.com and HERELouisville.com, we provide comprehensive, credible insights into Kentucky's dynamic landscape.
