Balfour Beatty Communities Acquires Interest in the Fort Leonard Wood Military Housing Project

Balfour Beatty Communities (formerly GMH Military Housing) announced today that it has completed the purchase of interests previously held by American Eagle Communities in the U.S. Department of the Army’s Fort Leonard Wood Military Housing Privatization Project located in Pulaski County, Mo. As part of the transaction, the company has acquired the outstanding equity interests of American Eagle for an aggregate purchase price of $3.25 million, and also assumed the existing agreements for property management, development, and construction/renovation relating to the project. Along with the closing of the acquisition, Balfour Beatty Communities assisted the project company in successfully restructuring the project scope through negotiations with the Army and existing bondholders. Restructuring was necessary to account for... [read full story]