GMH expands student housing portfolio

GMH Communities Trust announced that its student housing division, College Park Communities, has acquired two student housing properties located in California and Minnesota.

The total value of the transactions was approximately $41.3 million.

The first property, College Manor, is a 179-unit/600-bed facility serving San Diego State University. The value of the transaction was approximately $37.5 million.

The second property, Jacob Heights III, is a 24-unit/96-bed townhome community located near the Minnesota State University Campus in Mankato, Minn. The purchase price was approximately $3.8 million.

At the time of sale, both College Manor and Jacob Heights III were 100 percent pre-leased for the 2006-2007 academic year.

These latest acquisitions increase the number of student housing assets owned by the company to 63 properties, containing an aggregate of 11,697 units/37,710 beds.

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