Trust buys student housing for $36M.GMH GMH General Motors Holden's Communities Trust announced that its student housing division, College Park Communities, has acquired College Suites Stadium, a Class A, purpose-built student housing property serving the University of South Carolina
• • in Columbia, South Carolina Columbia is the state capital and largest city of South Carolina. As of 2006, estimates for the population of the city proper is 122,819[1]. Columbia is the county seat of Richland County, but a small portion of the city extends into Lexington County. . The 264-unit/924-bed community was acquired for a purchase price of approximately $36.85 million, including the assumption of approximately $28.0 million in existing 10-year, fixed-rate mortgage debt of 5.57% on the property. Miles H. Orth, Executive Vice President of the Company's student housing division, commented, "This acquisition provides an excellent opportunity to leverage operations and provide economies of scale in a growing market with proven market dynamics. I am also pleased to report that we have realized strong pre-leasing within our student housing portfolio for the 2006-2007 academic year. As of April 18, 2006 we were 54.4% pre-leased when compared to 44.8% as of this time last year." The property is directly adjacent to an existing owned asset, University Oaks, which was purchased by the Company in November 2004. College Suites Stadium, built in 2004, includes 11 three-story apartment buildings located on more than 29 acres of landscaped grounds. The property offers a variety of student-oriented amenities, including a clubhouse, computer lounge, a resort-style swimming pool, a sand volleyball volleyball, outdoor or indoor ball and net game played on a level court. An upright net, 3 ft (or 1 m) high, the top of which stands 8 ft (2.43 m) from the ground for men, 7 ft 4 1/8 in (2. court, basketball court, hi-tech electronic game room, tanning booth A tanning booth is a device that emits ultraviolet radiation, usually for the purpose of a cosmetic tan. They are very similar to a tanning bed, but the design is such that it is intended to be used while standing up, rather than lying down. , putting green and fitness center. The property is currently 99% leased and is 95% pre-leased for the 2006-2007 academic year. College Suites Stadium is the seventh community purchased by the Company in 2006, for an aggregate year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. purchase price of approximately $119.4 million. The College Suites Stadium acquisition increases the number of student housing assets owned by the Company to 61 properties, containing an aggregate of 11,492 units/37,029 beds. |
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