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RENO, NV-The College Park Investments division of publicly traded GMH Communities Trust’s has acquired a new 216-unit/732-bed development here serving the University of Reno. The Newtown, PA-based REIT paid for $32.5 million for the newly constructed 17-building complex. Located at 2800 Enterprise Road, Sterling University Heights was completed earlier this year and is located within walking distance of the university. The complex has two-, three- and four-bedroom apartments ranging in size from 800- to 1,200 sf. Common amenities include a computer center, pool with sun-deck, fitness center, billiard room, and volleyball and basketball courts.GMH provides housing to college and university students living off-campus and to members of the U.S. military and their families. The Reno acquisition was funded with proceeds from the company’s Initial Public Offering last week, which raised a less-than-expected $343 million after its shares priced below the expected range. The REIT’s IPO priced 28.6 million shares at $12 per share. The company had filed for an offering at a price range of $13 to $15 per share. Net proceeds from the sale are expected to be about $312 million. GMH is the 23rd REIT to go public this year, according to market research firm Dealogic. In noontime trading Thursday, shares of GMH were trading at 12.37 per share, off $0.03 on the day.GMH has closed on two major transactions since it went public. Earlier this week, GMH acquired 11 student-housing properties aggregating 2,040 units with 7,176 beds at university campuses in eight states. The total purchase price was $277 million. Last week, the company’s military division was awarded a $600-million, 50-year housing contract with the US Navy.

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