“We are tremendously excited to have Sterling Frisco kick off our re-emergence back into the student housing market,” stated Jim Kirby, Executive Vice President of GMH Capital Partners.
Newtown Square, PA (PRWEB) February 03, 2015
GMH Capital Partners, (“GMH”) headquartered in Newtown Square, PA, is pleased to announce the first acquisition of its new programmatic joint venture with Principal Real Estate Investors. GMH purchased Sterling Frisco, a LEED- Gold certified, Class -A student housing community located near the University of Arkansas (“UA”) consisting of 219 units and 640 bedrooms, each with its own private bathroom.
Sterling Frisco is one of the premier off-campus student housing assets at UA, with convenient access to both the university’s campus and downtown Fayetteville. The property features state-of-the-art amenities, including a 24-hour fitness center, computer lab, study lounges, pool with cabanas, a roof-top deck and a secured parking garage. Each of the units has its own washer and dryer as well as cable and internet included. In addition to these outstanding amenities, GMH also plans on adding a variety of other upgrades including increased bandwidth with speeds up to 5x faster, Wi-Fi in all student living areas, enhanced cable package with digital HD service and DVR's, upgraded card access and video surveillance system as well as additional outdoor living features to the pool patio and rooftop terrace.
GMH most recently announced its strategic joint venture platform with Principal Real Estate Investors to pursue student housing opportunities in various markets throughout the United States. The partnership will target either acquiring or developing up to $650 million worth of student housing assets amongst all risk profiles – Stabilized (Core), Value-Add and Development opportunities.
“We are tremendously excited to have Sterling Frisco kick off our re-emergence back into the student housing market, and couldn’t be happier to have rekindled our relationship with The Dinerstein and Caltagirone families and the Sterling organization,” stated Jim Kirby, Executive Vice President of GMH Capital Partners. “Having bought a number of their properties in the past, it was fantastic to work with them again and purchase another of their first class properties in an A+ market. GMH Capital Partners and the team at Principal Real Estate Investors worked diligently together to make this opportunity our first success story under our new partnership,” finalized Kirby. TSB Realty brokered the sale alongside TSB Capital Advisors and Walker & Dunlop brokering the debt transaction.