Source: GMH Capital Partners / #Student #Housing
BALTIMORE, MD - GMH Capital Partners announced the acquisition of H.B. Northway's Varsity on Charles, a 328 bed off-campus housing community adjacent to Johns Hopkins University. GMH has rebranded the community as The Academy on Charles as part of the acquisition.
"This was an opportunity we had kept our eye on since deciding to re-enter the student housing space and our team did a fantastic job bringing it to fruition" stated Gary M. Holloway, Jr., president of GMH Capital Partners. "The Academy on Charles is the premier property in the Baltimore market. The property is located just steps away from Johns Hopkins University and is a great addition to the rest of our growing student housing portfolio."
The Academy on Charles is located in Charles Village, adjacent to the Johns Hopkins University Homewood campus. This diverse neighborhood features a number of affluent homes owned by physicians and professors employed by Johns Hopkins. The Academy on Charles is perfectly situated in this historic area with a classically styled brick façade in a terraced vertical footprint. The property underwent a complete renovation by previous ownership in 2014 to become the premier asset for students of Johns Hopkins.
Through a programmatic joint venture with Principal Real Estate investors GMH has re-emerged as a prominent player in the Student Housing industry assembling some of the most iconic assets in the space. Previously, GMH's College Park Communities division was the largest student housing company in the country, servicing nearly 70,000 beds across 29 states before its sale in 2008. GMH continue to focus on acquiring best in class Student Housing properties and conventional multifamily assets and will look to add existing assets to its portfolio in 2017. In addition to acquiring existing assets GMH will continue to focus on development opportunities.
"This was a great way for our team to bring 2016 to a close as we look forward to 2017 and acquiring or developing similar assets in key markets, "finalized Holloway.