An Allston microapartment building that’s been used as dormitory space by Boston University and Suffolk University for the last three years has been acquired by a Pennsylvania developer for $75 million.

GMH Capital Partners bought 1047 Commonwealth Ave. this week from The Michaels Organization of Marlton, New Jersey, according to Suffolk County Registry of Deeds records. Berkadia Commercial Mortgage provided $51 million in mortgage financing.

The 100,000-square-foot building contains 188 microapartment-style dorm units and ground-floor retail space occupied by Caffe Nero.

Attempts to redevelop the half-acre property dated back to 2008 and included plans for a beauty school and later microunits. Boston University leased the building in 2016 to house 350 students displaced by renovations to Myles Standish Hall. After BU’s lease expired, Suffolk University signed a two-year lease last year.

On its website, the university touts apartment-style amenities such as stainless steel appliances and in-unit laundry.

Living conditions in the school’s newest residence hall have received poor reviews from some students, according to an April 24 report in The Suffolk Journal. The student newspaper cited complaints about unresponsive maintenance and malfunctioning appliances.

Suffolk has an option to extend its lease to 2022, according to the report. University officials were not immediately available for comment on their future plans for the property.