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NEWTOWN SQUARE, PA-GMH Communities LP, the locally based owner and manager of student and military housing, acquired two student housing communities with an aggregate of 1,414 beds in two states for just over $49.3 million, or about $34,888 per bed. This brings the company’s student housing portfolio to 41,531 beds in 32 major university markets throughout the US.

The properties are Campus Connection, an 864-bed complex in Urbana, IL, which serves the University of Illinois, and Chapel Ridge Apartments, a 550-bed property in Chapel Hill, NC, which serves the University of North Carolina. Campus Connection is a former Melrose Communities property, which GMH acquired from Melrose Housing of Urbana LP. Newberry, FL-based Davis Heritage Inc. is the previous owner of the Chapel Hill property.

College Park Management LLC, the division of GMH that operates and manages the company’s entire on- and off-campus student housing, will manage these two additional ones. Gary M. Holloway, chairman and CEO of GMH, says, “We … believe that these acquisitions will provide profitable opportunities in key markets that are strategic to the company’s growth.” He has previously stated a goal of building GMH into “the premier owner/operator of student housing in the country.”

This March, GMH acquired five properties with an aggregate of 3,780 beds from Davis Heritage for $107 million, or about $28,306 per bed. In August, it paid $249 million, or approximately $28,152 a bed, for 15 student housing communities in 13 states. Houston-based Sterling University Housing sold a majority, 13, of the facilities. In addition to its student housing portfolio, GMH owns and operates family housing communities at 18 US-based military installations.

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