That explanation is just a simplification. lvalues aren't defined by being "something you can take the address of", but by a specific set of rules about the value category of expressions. Those rules are carefully constructed so as to result in a self-consistent language in which everything fits together reasonably neatly.
That being said, the explanation does rather fit here, if you consider that by writing ref1
, you're not really naming "the reference" but the thing being referred to. That's the magic of references: you're supposed to consider them name aliases rather than entities in their own right.
There are some abstraction leaks surrounding this (particularly, member references), but that's the gist.
You ought to forget about notions like "the reference is an lvalue" and instead think about expressions. Objects have types; expressions have value categories.