GMH Capital Partners LP and AGC Equity Partners have acquired a Sacramento, California-based property, which will be developed into student housing for California State University – Sacramento. No financial terms were disclosed. The development will be named “The Academy on 65th” and is expected to open August 2019.
NEWTOWN SQUARE, Pa., April 5, 2018 /PRNewswire/ — GMH Capital Partners, L.P. (“GMH”) of Newtown Square, PA and AGC Equity Partners (“AGC”) of London, United Kingdom (together, the “Partnership”) is pleased to announce the recent acquisition of a strategically located property in Sacramento, CA. The Partnership will develop a state-of-the-art student housing community serving California State University – Sacramento. The development will be named “The Academy on 65th” and will feature a first class amenity package for 305 students. The Academy on 65th is scheduled to open in August of 2019.
The plan for the community includes a vibrant design that enhances its ideal location for California State University – Sacramento students. The main entrance will be situated along 65th street, steps away from the Hornet Crossing entrance, a pedestrian and bike trail leading directly to campus. The upscale fully-furnished apartments will be complimented by a large selection of amenities including a fitness center, game room, motion studio, ample study space including private rooms, bike storage, covered parking, an outdoor courtyard including grilling stations, a large hot tub, games and more. Each unit will include a flat screen TV, quartz counter tops, stainless steel energy-efficient appliances, in-unit washer and dryer and hardwood-style flooring.
“GMH feels this is a perfect opportunity to develop a Core property in a market that has yet to see Class A pedestrian properties,” stated Gary M. Holloway Jr., President of GMH. “The Academy on 65th will be a great new addition to our Ultra-Core student housing portfolio,” finished Mr. Holloway Jr.
GMH most recently announced their new Partnership with AGC Equity Partners to acquire and develop Core and Value-Add student housing properties. GMH University Housing will be managing The Academy on 65th and leasing is set to begin in August 2018.
About GMH Capital Partners & GMH University Housing:
GMH Capital Partners, L.P. (“GMH”) is a nationally recognized leader in the commercial real estate market, specializing in the areas of investment, development, construction, and asset management. GMH has transacted on over $8 billion of commercial real estate deals in the United States since its inception. The firm’s investment strategy is heavily focused on the multi-family sector with 200± investments in its portfolio of over $7 billion. www.gmhcp.com
GMH University Housing is the student housing management division of GMH. GMH University Housing draws on over 33 years of experience in managing student housing assets across the nation, spanning over 35 states and accounting for over 86,000 beds owned and/or managed. www.gmhuniversity.com