The properties are: University Ridge, a 168-unit, 644-bed property at West Virginia University in Morgantown, WV; University Enclave, a 120-unit, 480-bed facility at Bowling Green State in Bowling Green, OH; and University Stadium View, a 156-unit, 588-bed property at the University of Nebraska in Lincoln, NE. Acquisition of University Stadium View followed lender approval of the placement of approximately $9.2 million of new fixed rate mortgage debt on the property. The acquisition of the other two properties followed GMH's assumption of approximately $26.5 million of existing fixed rate mortgage debt on the facilities.
The seller, according to Joseph M. Coyle, president of the division, is Sterling Student Housing. All of the properties are less than three years old and all offer resort-style amenities, such as fitness centers, computer labs, swimming pools and furnished units. Coyle says, "These assets demonstrate our strategy of acquiring high quality student apartment communities in targeted high education markets that we intend to leverage for profitable growth."
College Park Management LLC, a division of GMH, will manage the assets. The division, also based here, operates and manages on and off campus student housing in 36 major college or university markets.
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