STATESBORO, GA-Newtown Square, PA-based REIT GMH Communities Trust has acquired Cambridge at Southern, a 228-unit student housing property at 130 Lanier Dr., for $24.2 million. The property, which serves students who attend Georgia Southern University, was acquired by the company's student housing division, College Park Communities.

The property is within walking distance of the GSU campus and has a variety of amenities, such as a computer lab, fitness center, game room, sand volleyball courts, tanning booth, private study rooms and pool. It is currently 99.6% leased for the 2006-7 academic year. College Park Management, the student housing management division of GHM, will manage the property.

This is GMH's third student housing acquisition here in recent years. The company also owns the 144-unit University Pines, which is adjacent to Cambridge, and the 276-unit Campus Club, which is also located in Statesboro. Both properties were acquired in 2004.

The acquisition increases GMH's student housing portfolio to 77 properties, including two properties owned through a joint venture. The properties contain a total of 14,433 units. The company also owns seven undeveloped parcels of land. In 2006, the company has acquired 21 student housing properties for an aggregate price of $408 million.