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GMH Completes $41M Student Housing Buy

NEWTOWN SQUARE, PA-The GMH student housing division acquires the 179-unit College Manor in San Diego for $37.5 million and adds the 24-unit Jacob Heights III in Mankato, MN.

By Marita Thomas | Updated on August 02, 2006

(To read more on the multifamily market, click here.)

NEWTOWN SQUARE, PA-GMH Communities Trust’s student housing division has acquired two additional properties with an aggregate of 203 student housing units for a total of $41.3 million. They are College Manor, a 179-unit class A facility serving San Diego State University, and Jacob Heights III, a 24-unit townhouse-style property near the Minnesota State University campus in Mankato, MN. Both are 100% preleased for the 2006/2007 academic year.

GMH paid approximately $37.5 million, which translates to $209,497 a unit and $62,500 a bed, for the 600-bed College Manor. A portion of the acquisition price was funded with a $28.6-million, 10-year, interest-only mortgage with a fixed-interest rate of 5.97%. GMH took over management and pre-leasing of the asset prior to buying it.

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