Search
 

REIT Closes on 288-Unit Student Housing Property

SACRAMENTO-A division of Newton Square, PA-based GMH Communities Trust acquires a property here serving California State University for $51.4 million.

By Brian K. Miller | Updated on March 15, 2005

SACRAMENTO-College Park Communities, the student housing division of publicly traded GMH Communities Trust, has closed on its acquisition of Jefferson Commons, a new 288-unit student housing property here with 792 beds. The purchase price was for $51.4 million and included the placement of $31.4 million in new fixed-rate debt.The upscale student housing community was completed in late 2004. It is located within a mile of the university and boasts resort-style amenities including fully furnished units, sand and basketball courts, a swimming pool and spa, fitness center, video library, in-room Internet connectivity and a student services center.GMH Communities Trust invests in student and military housing. The company went public in November, selling 30.3 million shares at $12 per share for $330.9 million in net proceeds. Between July and December of last year, it acquired 30 student housing communities comprising more than 16,000 beds for more than $575 million. Earlier this month, the company added to that total with the acquisition of a 156-unit, 588-bed property serving the University of Nebraska in Lincoln for $11.9 million. The property is part of a portfolio of three student housing properties under contract, the other two of which are located near the campuses of West Virginia University and Bowling Green State University. The company expects to close on the remaining two student housing properties any day now, according to SEC documents.The company’s share price remains right around its IPO price. In morning trading Tuesday, shares were trading for between $12.00 and $12.09 after closing Monday at $11.95.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.