GMH college division buys two sites
Philadelphia Business Journal
GMH Communities Trust's student housing division, College Park Communities, said Wednesday that it bought student housing properties in California and Minnesota.
The Newtown Square, Pa., real estate investment trust bought College Manor, a 179-unit, 600-bed property serving San Diego State University, for $37.5 million. College Manor is fully pre-leased for the academic year beginning this fall.
GMH (NYSE: GCT) also bought Jacob Heights III, a 24-unit, 96-bed townhouse community near the Minnesota State University Campus in Mankato, Minn., for $3.8 million. Jacob Heights III is adjacent to Jacob Heights, a 24-unit, 162-bed townhouse community, which the company bought last January, and also across the street from the Summit, a 192-unit, 672-bed property acquired in 2004. Jacob Heights III also is fully pre-leased for the upcoming academic year.
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