Campus Advantage JV Buys Lexington Student Housing Community

The Stretch

A partnership between Campus Advantage and Tramview Capital Management has acquired The Stretch, a 533-bed student housing community in Lexington, Ky., serving the University of Kentucky.

The property was acquired and will be managed through Campus Advantage’s Cash Fund I. Academy West Investments previously bought the asset in 2019 for $15.3 million, according to Yardi Matrix data.

Completed in 2010, the community spans 7.4 acres and encompasses six buildings totaling 170 units, in a mix of two-, three- and four-bedroom apartments, ranging from 982 to 1,294 square feet. Community amenities include a swimming pool area with a hot tub, a two-story fitness center, basketball and volleyball courts, study rooms, a dog park, a two-story fitness center and a business center.

Located at 1051 Red Mile Road, within the Gold View Estates neighborhood, The Stretch is less than a mile from the University of Kentucky campus and within 2 miles of Kroger Field stadium. Several dining and entertainment options are within walking distance of the community.

Currently, there are 14 properties offering student housing in Lexington, Ky., totaling 6,309 bedrooms, with no new developments underway, the same data provider shows.

Campus Advantage owns more than 13 communities totaling 2,161 units and manages more than 30 properties across several university markets, according to Yardi Matrix data. Last year, the company added Ivy Row at South, a 186-bed property in Mobile, Ala., to its management portfolio.