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GMH Assumes Operations at 11 Naval Bases

NEWTOWN SQUARE, PA-The REIT's military housing division begins property management and maintenance for the Navy's Southeast Region housing privatization project.

By Marita Thomas | Updated on October 18, 2007

NEWTOWN SQUARE, PA-Following its previously announced selection to enter into exclusive negotiations for the US Navy’s Southeast Region military housing privatization project, GMH Communities Trust has acquired an ownership interest in the project, which encompasses 11 naval bases in five states. As a result, the locally based specialty REIT’s military housing division has begun providing property management and maintenance services at the project’s locations and will begin receiving fees for the operations.

This is a middle step in the process of obtaining the contract to design and construct 5,501 end-state housing units on the bases. “We are still negotiating the financial components with the Department of the Navy, which should be completed over the next couple of months,” a GMH spokeswoman tells GlobeSt.com.

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