REIT buys student housing in Michigan

Makes 5th purchase in state
Published on Sep 29, 2005

GMH Communities Trust announced that its student housing division, College Park Communities, has acquired University Meadows, a recently constructed student housing community located near the campus of Central Michigan University in Mt. Pleasant, Mich. The value of the transaction was $14 million. University Meadows, located approximately one-half mile from the edge of campus, is a garden-style apartment community containing 184 units/616 beds in 23 two-story buildings. The property is located on 36 acres and features high-end student amenities, such as a clubhouse with game room, fitness center, tanning booth, swimming pool with hot tub, computer center, sand volleyball and basketball courts, carports and picnic areas with outdoor grills. The property was 98 percent leased at the time of sale. GMH Communities Trust is a publicly traded Maryland real estate investment trust. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....

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