Gary Holloway Jr., R. Eric Mattson, and Morgen J. Busch, the investment advisory team of Newton Square, PA-based GMH Capital Partners, arranged the agreement of sale.

The two-building complex consists of a five-story and a seven-story structure with an aggregate of approximately 299,620 sf. It was constructed in 1965 and 1969. The seller acquired the property in the mid-1980s. Following major capital improvements that cost "several million dollars," according to a spokesman for GMHCP, College Park Communities, a unit of GMH Associates, which operated the two off-campus residences. They are occupied primarily by students of nearby Penn State University. GMH Associates is an affiliate of GMHCP.

The buildings contain studios and one-, two-, and three-bedroom units. Rental rate for a studio is currently $490 a month, including utilities. The rate for larger units ranges from $595 per month for a one-bedroom unit to $960 per month for a three-bedroom unit.

GMHCP arranged the investment sale of more than $400 million worth of assets in 2003. Since 1998, it has closed more than $1.5 billion in investment transactions of properties in 32 states across the country. Among its major clients are GE Capital Real Estate, UBS Warburg and Goldman Sachs.