GMH buys sixth housing community this year

Latest property serves Penn State

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

GMH Communities Trust announced that its student housing division, College Park Communities, has acquired University Commons Apartments, a 240-unit/696-bed student housing property serving the Pennsylvania State University in State College, Pa. The property was acquired for approximately $18.6 million. University Commons was built in 1998 and includes 17 three-story, town-home-style buildings and a clubhouse located on approximately 17 acres. University Commons is located less than two miles from the University's campus and contains resort-style amenities specifically designed for students, such as a swimming pool and hot tub, computer lab, fitness center, tennis, basketball and volleyball courts, and picnic area with barbecues. The University Commons acquisition increases the number of student housing assets owned by the company to 60 properties, which contain an aggregate of 11,220 units/36,576 beds. Including this acquisition, the company has purchased six properties in 2006 for...