GMH Communities LP, through various wholly owned subsidiaries, purchase 15 garden-style student-housing communities in 13 states, totaling 2,571 units.
The total value of the transactions was $249 million.
College Park Management LLC, a subsidiary of GMH Communities, will manage the portfolio, which comprises 8,845 beds. College Park Management is the student housing division of GMH Communities that operates and manages on- and off-campus student housing communities in 32 major college/university markets.
GMH purchased 13 of the 15 properties from Sterling University Housing LLC and its affiliates located in Houston, Texas; Collegiate Hall was purchased from CHP Birmingham LLC, Greenville, S.C.; and Campus Club was purchased from States Property Co. LLC, Jacksonville, Fla. These communities were built between 1999 and 2004 and contain resort-style amenities such as DVD theaters, pools, gyms, fitness and computer centers, and individual leases.
The 15 properties include:
- Campus Club, Statesboro, Ga., 276 units/984 beds
- Collegiate Hall, Birmingham, Ala., 176 units/528 beds
- University Place, Charlottesville, Va., 144 units/ 528 beds
- University Trails, Lubbock, Texas, 240 units/684 beds
- University Crescent, Baton Rouge, La., 216 units/660 beds
- University Pines, Statesboro, Ga., 144 units/552 beds
- University Lodge, Laramie, Wyo., 121 units/ 481 beds
- University Greens, Norman, Okla., 156 units/ 516 beds
- University Estates, Muncie, Ind., 144 units /552 beds
- University Mills, Cedar Falls, Iowa, 120 units/480 beds
- University Court, East Lansing, Mich., 138 units/516 beds
- University Glades, Gainesville, Fla., 120 units/432 beds
- University Manor, Greenville, N.C., 168 units/600 beds
- University Gables, Murfreesboro, Tenn., 180 units/648 beds
- University Heights, Knoxville, Tenn., 228 units/684 beds
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