Marietta, Ga. — GMH Communities and a fund sponsored by CBRE Global Investors have entered into a joint venture to acquire core and value-add student housing communities in select markets across the U.S.
As the joint venture’s first investment, GMH and CBRE have acquired SOVA Student Living, an 816-bed student housing community serving students attending Kennesaw State University in Marietta, Georgia. The property was delivered in 2019 and offers a mix of one-, two-, three- and four-bedroom fully furnished units with bed-to-bath parity.
“With U.S. college enrollment climbing each year, the student housing sector has tended to be resilient through various cycles,” says Kim Hourihan, chief investment officer for CBRE Global Investors’ Americas Direct Real Estate Strategies division. “SOVA is the first of many strategic investments that we will make with GMH, and we look forward to continue growing our partnership with this best-in-class operator.”