TALLAHASSEE, FL-Continuing a spending spree this year that includes 17 properties valued at $366 million, Newtown Square, PA-based GMH Communities Trust has acquired 264-unit Seminole Suites student housing apartment complex here for $33.3 million. The price for the one-year-old, 924-bed property equates to $36,039 per bed.
GMH is funding the acquisition with a 10-year, fixed-rate, $20.4-million first mortgage loan from Bank of America. Joseph M. Coyle, president of GMH's student housing division, tells GlobeSt.com the seller asked not to be identified. In a prepared statement, Coyle calls Seminole Suites "a luxury student housing community…meticulously maintained" and in a "strategic location."
The 25-acre property comprises 11 three-story apartment buildings, a leasing office, clubhouse, computer lounge, two swimming pools, a beach volleyball and basketball court, electronic gaming room, tanning booth and fitness center.
GMH expects to close on another student housing property later this month. College Park Management LLC, the student housing management division of GMH Communities Trust, will operate and manage Seminole Suites.
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