for $1.4 billion.

Fifteen properties that were acquired from the Newtown Square, PA-based GMH were transferred to the joint venture between Austin-based ACC and Fidelity of Boston. Under the agreement, ACC provides property management services and retains a minority interest. To fund the acquisition, Austin-based ACC sold 4.5 million shares of common stock.

The JV has secured a loan from GE Real Estate North America Lending of Norwalk, CT. The loan's collateral is a trio of 96%-leased complexes that house 2,132 students. The properties are the 752-bed State Park College at 348 Blue Course Dr., 696-bed Lions Crossing at 201 Vairo Blvd. and 696-bed Nittany Crossing at 601 Vairo Blvd.

"These three properties were very solid assets, two of which we had financed in a previous transaction," Bridget Scanlon, an Atlanta director for GE, says in a press release. "That local knowledge helped us maintain pricing and meet the payoff deadline. In addition, sponsorship was very strong with both ACC and Fidelity. ACC is one of the top owners and managers in the student housing industry."