X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

NEWTOWN SQUARE, PA-Following an initial competition for a 50-year military housing contract, the Department of the Air Force selects locally based GMH Communities Trusts’ military housing division as “highest ranked offerer” for the project. It encompasses between 2,000 and 2,900 housing units at four Air Force bases and is valued at between $200 million and $300 million.

This agreement means that GMH alone has been granted a 90-day period to finalize its proposal to the department’s Air Education and Training Command, a spokesperson explains to GlobeSt.com. The contract involves the development, management and construction of homes, the targeted renovation of existing homes, and the addition of community facilities and services at the four locations.

“The project will bring with it immediate and noticeable improvements to the housing at each base,” says Bruce Robinson, president of GMH’s military housing division. The bases are Altus Air Force Base in Altus, OK; Luke AFB in Glendale, AZ outside Phoenix; Sheppard AFB in Wichita Falls, TX, and Tyndall AFB in Panama City, FL. This contract would be GMH’s first military housing project with the Air Force and its ninth military housing project overall.

Estimated costs of the project’s initial development are expected to be financed with private sector debt, a government direct loan and an equity investment from GMH. The spokesperson says “an equity contribution is included in our proposal,” adding that the company cannot comment on the amount prior to completion of the negotiations.

Throughout the project’s 50-year term, GMH would earn management, construction/renovation and development fees, as well as equity returns on its invested capital. It plans to utilize its existing alliances with the Benjamin Cos. Inc., an architectural and engineering firm based in Garden City, NY, and with Greeley, CO-based Hensel Phelps Construction Co., which has seven offices nationwide, for construction services on the projects.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.