The 924-bed student housing asset is 100% occupied and rents on a per bed basis, according to Marcus & Millichap Real Estate Investment Brokerage Co. The total sales price equals $139,583 per unit or $87.10 per sf. Peter Katz of Marcus & Millichap brokered the deal for both the buyer and seller.
According to GMH Communities' website, the community features three-bedroom, three-bath units and four-bedroom, four-bath units, which rent for $490 and $480 per month, respectively. All utilities are included, except telephone. Community amenities include a fitness center, 24-hour business center, sand volleyball court and free shuttle service to the University of South Carolina campus.
College Suites Stadium is the seventh community purchased by the GMH in 2006, for an aggregate year-to-date purchase price of approximately $119.4 million. The acquisition increases the number of student housing assets owned by the company to 61 properties, containing an aggregate of 11,492 units/37,029 beds, according to a statement by GMH Communities.
This is the second student housing community GMH bought from developer University Housing. The previous deal involved the Seminole Suites in Tallahassee, FL and closed in the fourth quarter of 2004. The GMH paid $33.3 million for the 264-unit, 924-bed asset, which also rents on a per bed basis, Marcus & Millichap adds.
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