The properties are Fort Collins, which consists of 2664 on-post renovated or newly constructed housing units in Colorado Spring, CO; Fort Eustis and Fort Story, which are both in the Tidewater, VA area and have 874 and 250 units, respectively, to be newly constructed or renovated. The GMH affiliate will partner with FW Military Housing LLC, of Keystone Inc., for these three complexes and assume overall operations.
The acquisition increases GMH's portfolio of military housing to nine complexes. The others are: Fort Stewart in Hinesville, GA; Hunter Army Airfield in Savannah, GA; Walter Reed Army Medical Center in Washington, DC; Fort Detrick in Frederick, MD; Fort Hamilton in Brooklyn, NY, and Stewart Terrace Marine housing in New Windsor, NY.
Fort Carson was the first military installation to privatize on-post family housing. GMH, which is heavily focused on student housing, established its military housing division in 1999, following passage by Congress of the Military Housing Privatization Initiative.
GMH assumed operations of Fort Carson on Nov. 28 and is responsible for the remaining renovation process. With the Army, it will negotiate Community Development and Management Plans (CDMPs) for the Fort Eustis and Fort Story projects for submission to the Dept. of Defense, Office of Management and Budget, and Congress. The goal is a summer 2004 construction start date.
J.A. Jones Construction, which is owned by Germany-based Phillip Holzmann AG, filed for Chapter 11 bankruptcy protection on September 26 and has been selling off subsidiaries piece by piece. The military housing division sale is among the pieces. Jones' financial woes began after the collapse of its German parent in March 2002.
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