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Berwind Partners in $82M Student Housing Acquisition

PHILADELPHIA-The portfolio encompasses 722 apartment units in three states. College Park Communities joint-ventured with BPG in the acquisition and will operate the properties.

By Marita Thomas | Updated on September 05, 2003

PHILADELPHIA-Madison Apartment Group, the multifamily affiliate of locally based Berwind Property Group, and College Park Communities, an affiliate of GMH Associates, which is based in Newtown Square, PA, partner to buy three student housing apartment complexes for approximately $82 million. The portfolio contains 722 units in urban complexes in California, Alabama and Illinois.

“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.

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