MEMPHIS, TN - Education Realty Trust Inc, a leader in the ownership, development and management of collegiate housing, today announced the closing on the ground lease and the commencement of construction for its second company-owned apartment community on the Syracuse University campus.
Scheduled to open in August 2012, the $38.7 million apartment community is being developed through Education Realty Trust’s On-Campus Equity plan — or The ONE Plan.
With The ONE Plan, EDR uses its equity and financial stability to fund projects on university land, which gives the university access to a single trusted partner, avoids the need for the university to incur long-term debt and makes possible the construction of modern, amenity-filled on-campus housing for university students.
EDR’s first property on the SU campus — University Village Apartments on Colvin— was completed in 2009. Located on the southern end of the SU campus, University Village Apartments on Colvin is a popular residence for SU students and is 100% leased for fall 2011.
“Syracuse University has had a positive and rewarding relationship with Education Realty Trust since we began planning their first development on our campus,” said Louis G. Marcoccia, SU’s executive vice president and chief financial officer. “They have proven themselves to be a trusted and valuable resource for the university. They understood our goal was to provide additional on-campus housing options for our students, and worked with us to make that happen.”
“The Education Realty Trust team is excited to begin our second project at this prominent university and our third in Syracuse,” said Randy Churchey, president and chief executive officer for Education Realty Trust. “We value the excellent reputation our company has with Syracuse University and all across the country for developing unique, quality buildings tailored for universities and their students.”
Named Campus West Apartments because of its location on the west end of the main campus, the new community will be two blocks from the university’s College of Law and only one block away from the site of the planned new College of Law building. It is designed to appeal primarily to law students, other graduate students and upperclassmen.
The contemporary, stainless steel-clad building will rise four residential floors above the ground level, which will include approximately 5,000 square feet of university-leased retail space that is expected to include a combination coffee café and convenience store.
Campus West will be constructed using the latest processes and products to provide sustainability and energy efficiency, and it is targeted to meet Leadership and Energy and Environmental Design (LEED) Silver certification requirements.
Campus West will provide 312 beds within a mix of 191 studios, and one-, two- and four-bedroom units. Each apartment will have private bathrooms and bedrooms and a full kitchen with washer and dryer. Utilities (water, electricity, sanitation, cable and internet) will be included in the rent.
To accommodate the residents’ advanced technology needs, EDR plans to provide at least 100 megabytes of bandwidth using state-of-the-art technology including a fiber-optic backbone that will also support a complete wireless overlay giving the students a community-wide wireless environment.
The new apartments also will feature a clubhouse with state-of-the-art fitness center, computer lab and business center. The university’s Department of Public Safety will maintain an office in the complex as well.
Education Realty Trust Inc. (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate housing. EDR is a self-administered and self-managed real estate investment trust that owns or manages 56 communities in 23 states with more than 33,000 beds within nearly 10,500 units.