Cambridge at Southern is adjacent to the Company's University Pines property, a 144 unit/552 bed garden-style housing community. GMH also owns Campus Club, a 276 unit/984 bed garden-style housing community in Statesboro. Both of these properties were acquired in 2004. With the acquisition of Cambridge at Southern, the Company will own 2,100 beds in Statesboro.
This acquisition increases the Company's owned student housing portfolio to 77 properties, including two properties owned through a joint venture, containing an aggregate of 14,433 units/46,696 beds, as well as 7 undeveloped parcels of land. The Company has completed acquisitions of 21 student housing properties in 2006 for an aggregate year-to-date purchase price of approximately $408 million. College Park Management, the student housing management division of GMH Communities Trust that operates and manages on- and off-campus student housing communities throughout the country, will manage the property.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release that are based on our current expectations, estimates and projections about future events and financial trends affecting us are "forward-looking statements." Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "estimate" or other comparable terminology, and include the timing of our filings with the Securities and Exchange Commission. These statements are inherently subject to risks and uncertainties, including risks relating to our business presented in our filings with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
GMH Communities Trust
