GMH Capital Partners LP has acquired The Deal, a student housing project in Champaign, Illinois. The seller was Core Spaces. No financial terms were disclosed. Construction of The Dean began in fall 2018 and was completed by Core Spaces in summer 2020.
NEWTOWN SQUARE, Pa.–(BUSINESS WIRE)–GMH Capital Partners, L.P. (“GMH”) and AGC Equity Partners (“AGC”) today announced the acquisition of The Dean (“The Dean” or the “Asset”), a 672-bed mixed-use student housing project in Champaign, Illinois, from Core Spaces (“the Seller”). Construction of The Dean began in fall 2018 and was completed by the Seller in summer 2020.
The Dean is a 240,737-square-foot off-campus student housing community consisting of 17 stories, with ground floor retail anchored by Target and Jimmy John’s. The property is situated at the intersection of South Sixth and East Green Streets in Campustown, adjacent to the University of Illinois – Urbana Champaign campus and within walking distance to the area’s many bars and restaurants, as well as event venues such as State Farm Center and Memorial Stadium.
“The Dean fits seamlessly into GMH and AGC’s portfolio of student housing properties and grows our existing presence in Campustown,” said Gary M. Holloway Jr., President of GMH Capital Partners. “The Dean provides students who are ready to transition into apartment living with the perfect home away from home complete with modern amenities and convenient access to campus and retail. As the property’s new owner and manager, we look forward to getting to know our residents and providing them with an exceptional living experience despite these unique times we’re all experiencing.”
The Dean provides best-in-class student living, featuring spacious units that average 683 square feet and contain private bathrooms, stainless steel appliances, and modern finishes throughout. The Asset provides a market leading amenity package including multiple study lounges, fully-equipped fitness center, rooftop sundeck, pool, hot tub, and an outdoor lounge with a grilling area and built-in seating for entertaining.
GMH and AGC also own four additional properties located in Campustown including 908 S. First St., 501 S. Sixth St., 307 E. Daniel St., and 1008 S. Fourth St, which comprise 398 beds in total (collectively known as “The Academy Campustown”, https://www.theacademycampustown.com/) .
About GMH Capital Partners & GMH University Housing
GMH Capital Partners, L.P. is a dynamic real estate company specializing in the acquisition, development and management of high quality residential and commercial properties throughout the United States. Since 1985, GMH has participated in over 300 transactions representing more than over $8 billion of gross asset value across all major property types. For more information, visit www.gmhcp.com.
GMH University Housing is the student housing management division of GMH. GMH University Housing draws on over 35 years of experience in managing student housing assets across the nation, spanning over 35 states and accounting for over 85,000 beds owned and/or managed. www.gmhuniversity.com