NEWTOWN SQUARE, Pa., Dec. 16, 2016 /PRNewswire/ -- GMH Capital Partners, ("GMH") headquartered in Newtown Square, PA, is pleased to announce the acquisition of H.B. Northway's Varsity on Charles, a 328 bed off-campus housing community adjacent to Johns Hopkins University. GMH has rebranded the community as The Academy on Charles as part of the acquisition.
"This was an opportunity we had kept our eye on since deciding to re-enter the student housing space and our team did a fantastic job bringing it to fruition" stated Gary M. Holloway, Jr., president of GMH Capital Partners. "The Academy on Charles is the premier property in the Baltimore market. The property is located just steps away from Johns Hopkins University and is a great addition to the rest of our growing student housing portfolio."
The Academy on Charles is located in Charles Village, adjacent to the Johns Hopkins University Homewood campus. This diverse neighborhood features a number of affluent homes owned by physicians and professors employed by Johns Hopkins. The Academy on Charles is perfectly situated in this historic area with a classically styled brick façade in a terraced vertical footprint. The property underwent a complete renovation by previous ownership in 2014 to become the premier asset for students of Johns Hopkins.
Through a programmatic joint venture with Principal Real Estate investors GMH has re-emerged as a prominent player in the Student Housing industry assembling some of the most iconic assets in the space. Previously, GMH's College Park Communities division was the largest student housing company in the country, servicing nearly 70,000 beds across 29 states before its sale in 2008. GMH continue to focus on acquiring best in class Student Housing properties and conventional multifamily assets and will look to add existing assets to its portfolio in 2017. In addition to acquiring existing assets GMH will continue to focus on development opportunities.
"This was a great way for our team to bring 2016 to a close as we look forward to 2017 and acquiring or developing similar assets in key markets, "finalized Holloway.
About GMH Capital Partners:
GMH Capital Partners, under the umbrella of parent company GMH Associates, Inc., is a dynamic real estate company specializing in the acquisition, development, and management of high-quality residential properties throughout the United States. GMH has achieved extraordinary success through a hands-on approach that produces outstanding results for its clients, partners and residents. GMH is a company of many dimensions that assures our properties are well leased, well constructed and well positioned in the marketplace, and that every asset performs to the highest possible standards. Since 1985 this philosophy has led to tremendous growth for GMH resulting in the investment in over 300 properties representing more than $7.9 billion of gross asset value across all major property types.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $72.2 billion in commercial real estate assets as of September 30, 2016. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gmh-capital-partners-of-newtown-square-pa-announces-acquisition-of-new-student-housing-asset-in-baltimore-md-adjacent-to-johns-hopkins-university-300379656.html
SOURCE GMH Capital Partners