Newtown Square, Pa. — GMH Capital Partners has acquired three student housing assets from Kayne Anderson Real Estate Advisors: The Rise at Northgate, located in College Station, Texas, serving the students of Texas A & M University, and Sol y Luna (formerly Next and Level), located in Tucson, Arizona, adjacent to the University of Arizona.
The acquisitions conclude Newton Square, Pennsylvania-based GMH’s 2015 strategy to finish the year with more than $300 million in new student housing assets.
Randall Calvert from TSB Realty brokered the transaction.
Before its sale in 2008, GMH’s College Park Communities division serviced nearly 70,000 beds across 29 states. Earlier this year, GMH returned to the student space by forming a programmatic JV partnership with Principal Real Estate Investors.
With the three recent acquisitions, GMH currently owns and manages more than 3,000 beds.
“In 2016, we will focus on adding additional core properties to the GMH portfolio; we will also broaden our investment criteria to include ‘value-add’ properties and ground-up development,” Gary M. Holloway, Jr., president of GMH Capital Partners, says.