Lexington Gains New Student Housing Community

News Summary

GMH Communities has successfully acquired The Stretch, a 533-bed student housing complex near the University of Kentucky in Lexington, KY. With amenities like a clubhouse, swimming pool, fitness center, and study rooms, The Stretch offers an ideal living environment for students. Its prime location, just under a mile from campus, provides easy access to classes and local attractions. With a current lease rate of 96% and a surge in student enrollments, the demand for quality student housing in the area is on the rise, making this acquisition a promising opportunity for GMH Communities.

Lexington Welcomes New Student Housing Opportunity

Exciting news is buzzing around Lexington, Kentucky! GMH Communities has just wrapped up a deal to acquire The Stretch, a student housing community that’s got everyone talking. With a whopping 533 beds across 170 units, it’s the perfect spot for students eager to live close to campus at the University of Kentucky.

Just a Stone’s Throw from Campus

Located at 1051 Red Mile Rd., The Stretch is ideally situated less than a mile from the university. This prime location means students can easily make it to classes, libraries, and that oh-so-important coffee run without ever needing to jump in the car. Talk about convenience!

With a mix of *two-, three-, and four-bedroom options*, students will find just the right fit for their needs. The apartments are spacious too, averaging a comfy 1,155 square feet.

First-Class Amenities for Student Living

What really sets The Stretch apart are the amenities that scream fun and relaxation. Imagine coming home after a long day of classes only to find a fabulous clubhouse waiting for you. Or perhaps you’d prefer unwinding by taking a refreshing dip in the swimming pool or soaking in the hot tub. Sports enthusiasts can enjoy playing on the basketball/pickleball court or the volleyball court.

For those who take their studies seriously, The Stretch offers study rooms, ensuring that no one is left scrambling for a quiet space. And for those sunny days, residents can host cookouts in the outdoor grilling areas. Let’s not forget about the fitness center and the trendy tanning salon. Sounds like a dream, right?

A Community Vibrant with Life

The surroundings aren’t just for show either. The area provides an array of restaurants, shopping spots, and entertainment options — all just a short stroll away. Plus, for those wanting to catch some Wildcat action, Kroger Field, the university’s stadium, is conveniently located within 2 miles. This community truly has it all!

Thriving Business

Currently, The Stretch is enjoying a 96% lease rate this academic year, and rents have seen an impressive 10.8% increase year-over-year. With the University of Kentucky reporting a 7% enrollment increase for 2024, the demand for student housing continues to grow. What’s even more intriguing? There are no new off-campus student housing developments planned in the area. This could mean a bright future for GMH and the residents of The Stretch!

Previously, this property changed hands in 2022 for a hefty $23 million, a testament to its value and desirability. The former owners, Tramview Capital Management and Campus Advantage, had seen the potential in this asset and clearly made a smart choice by capitalizing on the booming student housing market.

Investor Interest on the Rise

With climbing enrollments and a pinch of on-campus housing, investor interest in student living options, especially in the South, remains sky-high. However, some industry observers are keeping an eye on potential funding cuts from the National Institutes of Health. Such cuts could affect certain university programs and the stability of student numbers, which is crucial for investor confidence.

As we look forward, it’s clear that successful student housing developments are placing more emphasis on not just physical amenities but also on enhancing resident experiences while maintaining sustainability and affordability.

A Bright Future for Student Housing

In exciting recent developments, the same team that managed the recent acquisition also purchased another student housing community in November. The buzz continues as Tramview Capital Management and Campus Advantage added Alight Columbia in Cayce, South Carolina, to their portfolio for $25.6 million. There’s so much happening in the world of student housing, and it surely promises a bright landscape ahead.

With GMH Communities now at the helm of The Stretch, there’s no telling what fun initiatives and improvements are yet to come. For students in Lexington, the future looks promising, and living just a hop away from campus has never been better!

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Additional Resources

• Kentucky.com: Student Housing in Lexington
• JLL News: Sale of Student Housing in Kentucky
• Multihousing News: Acquisition of Kentucky Student Community
• GlobeNewswire: Vesper Holdings Expands Student Housing Portfolio
• Wikipedia: Student Housing