GMH Capital Partners Announces Acquisition of 23+/- Acres of Land in Salisbury MD, for Development of State-Of-The-Art Student Housing Community
NEWTOWN SQUARE, Pa., Jan. 16, 2012 /PRNewswire/ -- GMH Capital Partners of Newtown Square, PA is pleased to announce the recent acquisition of 23+/- acres of land in Salisbury, MD, steps from the Salisbury University campus. GMH Capital Partners will be developing a state-of-the-art student housing community, consisting of residences housing 696 students and featuring numerous first-class amenities. GMH Capital Partners also retains an option on an adjacent 27+/- acres of land for a future development phase.
In 2008, GMH Communities Trust ("GCT") sold its publicly-traded student housing entity to American Campus Communities in a multi-billion dollar transaction representing over 60,000 beds in 29 states. As part of the sale of GCT, several of its executives (currently employed by GMH Capital Partners) were restricted from pursuing any student housing investments. These restrictions have since expired.
"We are thrilled to return to the student housing arena," stated Gary M. Holloway Jr., president of GMH Capital Partners. "As one of the pioneers of college community development and management, we are excited about re-entering the market. Salisbury is an exceptional university experiencing dramatic growth in student enrollment. The new Salisbury community will be a great addition to our diverse portfolio of multi-family housing and niche market investments," finished Holloway.
Over the past several years, Salisbury University has witnessed impressive additions to its campus infrastructure. This includes the $65 million Teacher Education and Technology building, the $55 million Franklin P. Perdue School of Business, a $45 million complex of apartments and shops named Sea Gull Square, and a new 800-car parking facility on campus. Kiplinger's Personal Finance also recognized the university by naming Salisbury second among five Maryland schools that made the publication's list of 100 best values in public education. The student body has grown from 6,400 to 8,600 in recent years, while applications from out of state have increased by 30 percent in the past five years.
About GMH Capital Partners:
GMH Capital Partners is a nationally recognized leader in the real estate market, specializing in the areas of acquisitions, construction, asset services and investment sales. GMH Capital Partners and previous GMH entities have developed numerous successful communities and housing developments around the United States for various types of real estate including college, military, multifamily, retail and commercial. GMH Capital Partners provides streamlined resource and solutions to its customers, clients and tenants by utilizing strategic planning, integrated technology solutions and an expert management team.
SOURCE GMH Capital Partners