Peak Campus to Manage 182-Unit Kentucky Student Housing

The brand will grow its 50,000-bed nationwide portfolio by operating The Mark at Lexington, a 676-bed community serving students at the University of Kentucky.
The Mark at Lexington. Image courtesy of Peak Campus

Student housing operator and developer Peak Campus has announced it will manage The Mark at Lexington, a 182-unit, 676-bed community serving students at the University of Kentucky. The property is located less than a mile from the campus of the public university in Lexington, Ky., which has an enrollment of more than 30,000.

Situated at 845 Red Mile Road, the property was built in 1995. ICON Builders acquired the community through a trustee sale on behalf of U.S. Bank in August 2018, with Vermilion Development selling the asset for about $9.7 million, according to Yardi Matrix data.

The property is located along the Lextran bus route, providing service to the university, and offers fully furnished three- and four-bedroom units with modern finishes, including washers and dryers in each unit. The community also features a fitness center, pool, and sport courts.

Expanding its Kentucky Presence

Peak Campus already has a foothold in the Kentucky market. This past January, the company announced it had been awarded the management contract for Muse Bowling Green, a future 218-unit, 381-bed community serving students attending Western Kentucky University in the city of Bowling Green.

The property’s developer, The Vecino Group, also tapped Peak Campus to manage its 257-unit Muse Omaha project catering to Creighton University in Nebraska. Both projects are scheduled for completion in August 2019. In March, Peak Campus boosted its management portfolio with a 129-unit student housing facility geared towards the University of Illinois – Chicago.

Peak Campus operates through a group of affiliated companies that have developed more than 15,000 beds of purpose-built student housing, and currently manage more than 50,000 beds. The nationwide portfolio has a combined valuation of more than $3 billion.