GMH buys Capstone’s student housing portfolio

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GMH Communities Trust recently completed the acquisition of 10 student housing properties nationwide owned by Capstone Development Corp., and is expected to close soon on an 11th property in Illinois. The purchase price for the entire portfolio is approximately $223 millionm inclusive of the pending closing of the Illinois property. The Capstone portfolio consists entirely of purpose-built student housing communities located in 11 states, and contains an aggregate of 2,214 units/7,194 beds. The portfolio has an average occupancy rate of 96 percent for the 2006-2007 academic year, according to a press statement. Included in the acquisition are: University Commons, Athens, Ga., (242 units/772 beds); University Commons, Baton Rouge, La., (134 units/532 beds); University Commons, Bloomington, Ind., (252 units/792 beds); University Commons, Columbia, S.C., (206 units/700 beds); University Commons, East Lansing, Mich., (222 units/654 beds); University Commons, Eugene, Ore., (252 units/69...