GMH Communities Trust said its College Park Communities division has completed the purchase of a site close to Sam Houston State University in Huntsville, Texas, where the company plans to build a 318-unit luxury student housing community.
GMH said it paid $1.8 million for 26 acres. The development will include 23 buildings.
The company (NYSE:GCT) expects to finish the first, 228-unit phase by fall 2007. The luxuries will include a fitness center, a movie theater and tanning beds. GMH of Newtown Square, Pa., is real estate investment trust that concentrates on student and military housing.
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