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GMH Pays $170M for Three Military Housing Complexes

NEWTOWN SQUARE, PA-Acquisition of the military family housing division of J.A. Jones, which is in Chapter 11, adds Fort Carson in Colorado and Forts Eustis and Story in Virginia to GMH's existing six-property military housing portfolio.

By Marita Thomas | Updated on December 03, 2003

NEWTOWN SQUARE, PA-GMH Military Housing-Fort Carson LLC pays $170 million for a portfolio of three military housing complexes with an aggregate of 3,788 units. The company is an affiliate of locally based GMH Associates. The seller is the military family housing division of Charlotte, NC-based J.A. Jones.

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.

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