Student-housing properties purchased for $249 million

GMH Communities gains 15 properties nationwide

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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,...