The class A student housing property is located across the street from the University of Minnesota Law School and Carlson School of Management and has 370 beds, the company says. The deal fits the growth plans of the College Park Communities, which is based in Newtown Square, PA.

The GrandMarc brings the total number of student housing properties acquired in 2005 to nine properties totaling 1,790 units or 5,165 beds. GMH paid a total of about $199.5 million for the properties. GMH says it has an average cap rate for student housing properties purchased year-to-date of about 8.2%, excluding management fee expense and prior to capital expenditure reserves. "These acquisitions put GMH Communities Trust well on track to meet our $400 million student housing acquisition target for 2005," says Gary Holloway, chairman, president and chief executive officer at GMH.

GrandMarc includes student-oriented amenities such as a club room with pool table and darts, a fitness center, an on-site concierge and controlled access entry, secured underground parking garage, a computer and study center, private conference rooms, on-site restaurants and retail shops. The property also features fully furnished, modern apartment units, high-speed Internet in all bedrooms, full-size washers and dryers in each unit, and a study desk and private bathroom with each bedroom. The rooms also offer views of the University of Minnesota campus, the Mississippi River and Downtown.