(Read more on the multifamily market.)
NEWTOWN SQUARE, PA-GMH Communities Trust's military housingdivision has closed on a private sector military housing project atVandenberg Air Force Base near Lompoc, CA. At the same time, theDepartment of the Air Force has selected the locally basedspecialty housing REIT as highest ranked offeror for its three-baseAMC West housing privatization project.
The Vandenberg project has a 50-year term, beginning with afive-year initial development period that includes the design,construction and/or renovation along with overall management andmaintenance of approximately 867 end-state housing units. Theproject cost for the initial period is estimated at $163million.
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