"As part of our strategic plan, we are focused on acquiring a significant number of similar assets nationwide," says Gary Holloway, GMH's CEO. His company's research shows "that urban markets have been under-represented in terms of supply of student housing," he adds. College Park will operate the three complexes.
Bay Crest Apartments, Long Beach, CA, is approximately one mile from California State University of Long Beach. It is garden-style community of 13 two-story buildings containing a total of 237 units. The property can accommodate more than 550 beds.
Two East 8th Street, Chicago, is a 28-story apartment tower in the South Loop area, which is in close proximity to 16 institutions of higher learning, including Columbia College and DePaul University. It contains 330 apartment units.
The Commons, Auburn, AL, is a residence hall-style, five-story building containing 310 beds. The downtown Auburn University campus and numerous retail venues surround the facility.
"Student housing is not simply about real estate, but ultimately about providing a value-added service," says Joseph F. Mullen, president of Madison. Calling College Park a "highly experienced student housing operator," he adds, "We look forward to a long and successful relationship with them."
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