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Pennsylvania Company Buys Sterling Frisco Building in Fayetteville for $49M

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GMH Capital Partners of Newtown Square, Pennsylvania, said Tuesday that it has purchased Sterling Frisco, a 219-unit student housing community at 413 N. West Ave. in Fayetteville.

Real estate records peg the purchase price of the 640-bedroom project at $49 million. The building, developed by Specialized Real Estate Group of Fayetteville in partnership with The Dinerstein Cos. of Houston, opened in August 2013.

In a news release, GMH said it purchased the property in partnership with Principal Real Estate Investors of Des Moines, Iowa. Together, the pair plans to pursue student housing purchases throughout the country, aiming to buy or develop $650 million in student housing.

“We are tremendously excited to have Sterling Frisco kick off our re-emergence back into the student housing market, and couldn’t be happier to have rekindled our relationship with The Dinerstein and Caltagirone families and the Sterling organization,” Jim Kirby, GMH Capital Partners’ executive vice president, said in a news release. “Having bought a number of their properties in the past, it was fantastic to work with them again and purchase another of their first class properties in an A+ market.”

Sterling Frisco is a LEED-Gold certified, Class A student housing community located near the University of Arkansas. It is one of several student-housing projects that have come online in recent years to tap the enrollment growth at the UA.

At least five new student-housing projects have been underway since last year, which could bring a combined 1,865 beds on line by summer 2016.

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