GMH Communities Trust announced that its student housing division, College Park Communities, has acquired the Cambridge at Southern student housing complex in Statesboro, Ga.
The value of the transaction was approximately $24.2 million.
The 228-unit/564-bed property serves Georgia Southern University, and includes a computer lab, fitness center, game room, sand volleyball courts, tanning booth, private study rooms and resort-style pool.
At the time of purchase, the property was 99.6 percent leased for the 2006-07 academic year.
Cambridge at Southern is adjacent to the company’s University Pines property, a 144-unit/552-bed garden-style housing community. GMH also owns Campus Club, a 276-unit/984-bed garden-style housing community in Statesboro. Both of these properties were acquired in 2004.
Newtown Square, Pa.-based GMH Communities Trust is a publicly traded real estate investment trust.