NEWTOWN SQUARE, PA-In two separate agreements, GMH Communities Trust's College Park Communities student housing division obtained management and leasing agreements for properties in Philadelphia and Charlotte, NC. Different third parties own each of the properties.
The agreement for the Edge at Avenue North in Philadelphia is for five years. The 240-unit, 1,214-bed facility near Temple University is currently under construction by Tower Investments. Preleasing is under way and the complex, which also includes 9,800 sf of retail space, is expected to reach completion for the start of the 2006-2007 academic year. A 70,000-sf retail complex by Philadelphia-based Tower is also under construction adjacent to the Edge. It will include a seven-screen movie theater and is to be completed in May 2006.
College Park also inked a two-year agreement to lease and manage Campus Connection, a 158-unit, 476-bed property that serves the University of North Carolina-Charlotte. It is owned by a Maryland-based investment group and has been in operation since 2000. Locally based College Park already owns and manages two other properties serving the same university.
"These new agreements are consistent with our growth strategy for the third-party management portion of our student housing business," says Miles H. Orth, EVP of the student housing division of GMH, which is also based here. "We will continue to aggressively pursue additional third-party management agreements during 2006."
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