LOS ANGELES-SCI Real Estate Investments has acquired student apartment complexes in Florida, Kansas and Mississippi from GMH Communities Trust in the locally based company's first portfolio buy of student housing assets. The portfolio comprises five student housing complexes totaling more than 1.32 million sf near major university campuses, including two near the University of Florida and one each on or near the campuses of Florida State University, Kansas State University and the University of Southern Mississippi.
According to Scott Derrick, chief acquisitions officer for SCI, the company's capability to purchase portfolios "will immediately accelerate our growth as buyers of high quality properties." Derrick and Bill Rose, vice president of national multifamily and student housing, represented SCI. GMH Communities was represented by Ryan S. Reid, senior vice president and national director of student housing at CB Richard Ellis.
Terms of the SCI five-property acquisition were not disclosed, but Newtown Square, PA-based GMH Communities Trust said in an announcement that it received an aggregate of approximately $27.8 million in net proceeds from the sales of three of the complexes after the REIT repaid mortgages of $37 million on the properties. The three properties included in the GMH announcement included two in Florida and one in Mississippi.
The two properties near the University of Florida in Gainesville are the 252-unit Gateway Club 4000 SW 37th Blvd. and the 120-unit Gateway Glades at 3415 SW 39th Blvd. The Gateway Club was built in 1997 and the Gateway Glades in 2000.
The third Florida property is the 264-unit Seminole Suites at 2421 Jackson Bluff Rd. in Tallahassee on the campus of Florida State University, a complex that was built in 2004. In Mississippi, SCI's new asset is the 156-unit Gateway at Southern Miss at 105 Doleac Dr. in Hattiesburg, which was built in 2003. The fifth complex in the portfolio is the 229-unit University Crossing at 2215 College Ave. near Kansas State University, which was built in 1997.
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