Student housing sold for $33 million

GMH Communities Trust recently announced that its student housing division, College Park Communities, has acquired two properties, WillowTree Apartments and WillowTree Towers, in Ann Arbor, Mich. The total value of the transactions was approximately $33.1 million. WillowTree Apartments, a 312-unit/572-bed student housing property, and WillowTree Towers, a 163-unit/283-bed student housing property, serve the University of Michigan. Located at 1819 Willowtree Lane, the WillowTree Apartments and Towers contain two parcels of land; one being a three-story garden style apartment community and the other, a five-story apartment tower. Amenities include a pool with pool-house, picnic areas with grills, two playgrounds, a fishing dock, and volleyball and basketball courts. At the time of sale, the complex was more than 95 percent occupied. GMH Communities Trust is a publicly traded, Maryland-based real estate investment trust. *** What's your opinion? Send your Letter to the Editor to ...